Answered: Hanzalah took a loan of RMY from Bank…

Hanzalah took a loan of RMY from Bank ABC at interest rate of 4.5% compounded monthly.After 10 years, the amount to be paid is RM47,009.78. Find Y.(RM30000)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

See similar textbooks

Related questions

Q: Suppose you borrowed $14,000 at a rate of 9.7% and must repay it in 5 equal installments at the end…

A: Amount of interest payable in 1st year will be calculated on the total amount

Q: Reya paid Php 9,250 on a loan made 6 months before at 12% simple interest. Find the interest…

A: Simple interest is simple interest without any compounding that means no interest on interest…

Q: 1. A loan taken from Riyadh Bank; needs to be paid off, in N years. If the loan is equal to 40…

A: In the given question, since loan amount and installment amount is not given, we have to make…

Q: A loan is being repaid with 10 payments of RM2,000 followed by 10 payments of RM1,000 at the end of…

A: First 10 semi annual payment = RM 2000 Next 10 Semi annual payments = RM 1000 Annual interest rate =…

Q: Suppose you borrowed $80,000 at a rate of 8.5% and must repay it in 5 equal installments at the end…

A: Given data; borrowed amount = $ 80,000 rate of interest = 8.5% number of payments = 5 First we…

Q: What is the interest of the amount barrowed by Mr. Carlo if he is paying Php 19,734 every three…

A: The interest amount is the price for the borrowed funds which is paid the borrower of amount and…

Q: What is the annual interest rate if a simple interest loan of $10,000 for 4 years charges a total of…

A: We need to use simple interest formula to solve this question Simple interest =Principal×Rate×Time

Q: a man borrows money from a bank . he receives the money in 5 equal annual installment of X…

A: The time worth of cash (TVM) is the idea that cash you have now is worth more than the…

Q: What is the effective interest rate charged to a loan of P5,000 paid after 5 years amounting to…

A: Effective Rate of Interest is the percentage return on the amount invested into any return paying…

Q: A man borrowed an amount of P150,600 to bank that offers an interest rate of 5.36% compounded…

A: Given, Loan borrowed is P150,600 Interest rate is 5.36% compounded annually

Q: a firm borrows 5000 for 5 years at 16%. at the end of 5 years, it renews the loan for an amount due…

A: Data given: P=Loan amount = $ 5000 (Assumed $) r = 16% n= 5 years After 5 years: Loan is renewed…

Q: (To finance the expansion of your business, you borrowed RM 120,000 at a 7.8% p.a. nominal rate of…

A: MS-Excel --> Formulas --> Financials --> PMT Therefore, The monthly payment is $1,858.41.

Q: 1. Mary Rose borrowed money from a bank amounted 12,000 with an interest rate of 11.5%, the monthly…

Q: Mr. Andi bought a machine and agreed to a loan of Rp. 1,000,000.00 which can be paid in installments…

A: a) When the payment is made today for a loan of 1,000,000, the annuity amount to be paid can be…

Q: Mr. Dizon borrowed P35,000.00 from the cooperative bank. Find the simple interest if it is to be…

A: Given information Amount borrowed (Principal) =P 35,000 Interest rate= 1.5% per month Period for…

Q: Ruth borrowed P200,000.00 with 20% simple interest rate from ABC bank. At the time the money was…

Q: 4. What is the principal of a loan if the final amount is P250,000 at 8% compound interest,…

Q: 4. Leti Fuschia decided to invest P100,000.00 in Road Dirty Inc., for a period of 6 years. Determine…

A: Future value can be referred to as the value of an underlying asset or security at a future date.…

Q: Today, a businessman borrowed money to be paid in 10 equal quarterly payments. If the interest rate…

A: Number of quarterly payments (n) = 10 Annual interest rate = 10% Quarterly interest rate (r) = 10%/4…

Q: Thulisile bought a house and managed to secure a home loan for R790 000 with monthly payments of R9…

A: We need to calculate total value of loan by using inflation rate. We need to use this formula Total…

Q: To finance the expansion of your business, you borrowed RM 120,000 at a 7.8% p.a. nominal rate of…

A: The amortized loan refers to the loan in which the principal amount of the loan reduces after paying…

Q: Arman will pay back a P450,000 loan at the end of 26 months. This loan has an annual simple discount…

A: The loan is a value that is borrowed from external sources like banks and this amount is repaid…

Q: What is the total amount of money to be paid back at the end of 3 years for a loan of 200 000 lira…

A: Using excel FV function

Q: A loan of 10,000 is to be repaid during 5 years with equal monthly payments of p. The interest rate…

A: In this we have to calculate present value of both option.

Q: If you deposit RM15,000 in an account earning 20% with semi annually compounding, how much would you…

A: Compounding is a way to find the FV of a deposited amount by considering the appropriate rate for…

Q: Marissa took a loan of RMY from Bank Perpaduan at interest rate of 6.5% compounded every two months.…

A: Following details are given in the question: Future value = RM 8386.65 Interest rate = 6.5% Time…

Q: If you deposit RM25,000 in an account earning an interest of 15% per annum, much would you have in…

A: Given: Present value = RM25000 Interest rate = 15% per annum Time period = 10 years To compute the…

Q: What is the total interest/profit share amount to be repaid at the end of 7 years for a loan of…

A: In finance, the term loan shows an amount borrowed by one person from another to support the…

Q: 1. The Lexington Property Development Company has a RM10,000 note receivable from a customer due in…

A: Present value is the value of an investment in today’s time. It helps to make decisions better.

Q: Jack has borrowed $1,000,000 from MQ Bank for 10 years at an interest rate of j2=3.53%. He will make…

A: Given: Borrowed Amount = $1,000,000 Repayments at the start of the year : Year 1 = $83,000 Year 2 =…

Q: (b) En. Ahmad bought a house for RM 240,000 and paid 10% deposit. The balance is paid by a loan with…

A: A loan is the net amount of funds acquired by a person in the form of borrowings from the lender.…

Q: 1. A friend borrows an amount of P1,000. In 4 years, the money become P2,500 compounded monthly.…

A: Borrowed amount = P 1000 Future value = P 2500 Period = 4 Years Period in months = 4*12 = 48 Monthly…

Q: If I loaned an amount of P10,000.00 with an interest rate of 8.44 % compounded monthly for 5 years.…

A: Loan amount = P 10,000 Annual interest rate (AR) = 8.44% Number of compounding per year (m) = 12

Q: 9. Marissa took a loan of RMY from Bank Perpaduan at interest rate of 6.5% compounded every two…

A: The formula for compound interest is: A=P(1+rn)nt A is the final amountP is the initial principal…

Q: What is the simple interest rate if Rogine paid an interest of P2,100 after 2 years and 6 months on…

A: A method of computing interest amounts in which the compounding effect was not considered by the…

Q: 1. Rahimah made equal payment of RM2,106.71 every two months for 8 years at 6% interest compounded…

A: Loan amount taken by R can be determined by calculating the present value of the equal payments…

Q: Suppose you borrowed $15.000 at a rate of 11.1% and must repay it in 5 equal installments at the end…

A: Interest is the amount given by the borrower of money to the lender of money. Interest is usually…

Q: A man borrowed an amount of P150,600 to bank that offers an interest rate of 5.36% compounded…

A: Loan is a borrowed amount of money for a fixed time period, which is expected to be repaid with…

Q: Assume that you borrow 20million JPY from some bank repay 80,000 JPY monthly under the plan of total…

A: Here, To Find: Case-I: 1. Total number of months =? 2. Completed years =? 3. Remaining months =?…

Q: Engr. Odon is paying a loan five thousand pesos 10% quarterly for 3 years. It the payment is to…

A: The question is based on the concept of present value and future value calculation.

Q: 3. The PC Shop obtains a loan from a finance company. It is to be repaid by quarterny payments of…

A: Present Value of annuity = Annuity * PVAF ( Quarterly rate, Number of quarters ) Present Value of…

Q: From a bank, an engineer borrows $18000 that is to be repaid in 2 years with end-of-month payments…

A: Using the rate function in excel

Q: Mary bought an LCD television and paid RM300 as a down payment. The balance was to be paid by…

A: Down payment = RM 300 Monthly payment (P) = RM 112 Annual interest rate = 10% Monthly interest rate…

Q: - What is the total amount of money to be repaid at the end of 10 years for the loan of 175 000 lira…

A: A loan is a fund that is borrowed from financial institutions at a certain rate of interest for a…

Q: Mr. Sy borrowed money from a bank with an inferest of 6% compounded monthly for 10 years. His…

A: 6. Calculate the interest rate per conversion period by dividing the annual interest rate which is…

Q: Elikplim Atayo took a loan facility of ¢1,000,000 from Amegbletor Bank ltd. He agreed to repay the…

A: If a loan is taken, then the repayment should be made after some time period. The payment method…

Q: 1. A man deposited P25,000 in a bank with interest at 8% compounded monthly for 3 years. After 3…

A: Introduction Note: “Since you have asked multiple questions, I will solve the first question for…

Q: Thulisile bought a house and managed to secure a home loan for R790 000 with monthly payments of R9…

Q: 4. Leti Fuschia decided to invest P100,000,00 in Road Dirty Inc., for a period of 6 years. Determine…

A: Deposit amount = P 100,000.00 Period = 6 Years

Q: A loan is to be repaid by $1500 in one year and $2250 in four years. The borrower has asked to repay…

A: Outstanding loan amount is $1500 (due in 1 year) and $2250 (due in 4 years). Present value and…

Question

1. Hanzalah took a loan of RMY from Bank ABC at interest rate of 4.5% compounded monthly.After 10 years, the amount to be paid is RM47,009.78. Find Y.(RM30000)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Analysis

VIEW

Step 2 Calculation of principal(borrow)

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.
Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.
1. Hanzalah took a loan of RMx from Bank ABC at interest rate of 4.5% compounded monthly. After 10 years, the amount to be paid is RM47,009.78. Find x.(RM30000)
2. Mr. Dizon borrowed P35,000.00 from the cooperative bank. Find the simple interest if it is to be paid after 5 months with an interest rate of 1.50 %per month.
9. Marissa took a loan of RMY from Bank Perpaduan at interest rate of 6.5% compounded every two months. After 8 years, the amount to be paid is RM8,386.65. Find Y. (RM5000)
A man borrows Php 5000 with the agreement to pay the principal and all accumulated simple interest at the rate of 8 % at the end of 4 years. At what nominal rate compounded quarterly could he just as well pay compound interest? a. 10 % b. 9 % c. 7 % d. 8 %
1. Rahimah made equal payment of RM2,106.71 every two months for 8 years at 6% interest compounded every two months. Find the amount of loan taken by Rahimah. (RM80,000.12)
A business loan of PhP 650,000 is to be settled by paying PhP 29,994.20 monthly in 2 years. If the interest rate is 10% converted monthly, how much is the outstanding balance after 6 payments?
1. Rahimah made equal payment of RM2,106.71 every two months for 8 years at 6% interest compounded every two months. Find the amount of loan taken by Rahimah. No use excel (RM80,000.12)
1. What is the compound amount when $6400 is deposited in an account earning an interest rate of 6%, compounded quarterly, for 5 years if every end of each year $1200 Is added? 2. To help pay for a new truck, you borrow $25,500 and agree to repay the loan in 4 years at 9.5% interest, compounded monthly.a. What is the maturity value of the loan?b. How much interest are you paying on the loan?
Suppose you borrowed $3,000 at a rate of 8.8% and must repay it in 4 equal installments at the end of each of the next 4 years. How large would your payments be? a. $921.94 b. $657.94 c. $1,014.00 d. $847.38 e. $1,050.94