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A: The Answer:
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Nora's laptop that she's been using for work, had stopped working. She borrowed PhP 25,000 from the bank with an interest rate of 12% for 24 months. How much interest should she pay?
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- Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows 60,000 from a local bank. He uses 40,000 of the loan to buy a building and the remaining 20,000 for equipment. During the first year, the store has a loss of 24,000. How much of the loss can Carlos deduct if the loan from the bank is nonrecourse? How much does Carlos have at risk at the end of the first year?David’s laptop that he’s been using for work, had stopped working. He borrowed PhP 25,000 from the bank with an interest rate of 12% for 24 months. How much interest should he pay?For her son's tuition fee, Maria borrowed 10,000 pesos from a lending company with annual simple interest rate of 8.4%. If she had not given any interest in the first year, how much should she pay the company to pay off her debt after 2 years?
- On June 1, Mia deposited $3,800 in an MMDA that pays 4% interest. On October 31, Mia invested $2,700 in a three-month CD that pays 6%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is? (Round to the nearest cent)Mr. So borrowed Php200,000 from a cooperative that charges 15% yearly. He used the loan to start his food stand business. How much will he pay for the loan after 18 months?Lindsey sold stationery to her family and her mother’s friends. She deposited the $125 she earned in a savings account. The account earns 5.18% interest annually. If she does not deposit or withdraw any money for 18 months, how much will she have in her account?
- Lupe made a down payment of $8000 towards the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 12% compounded monthly. Under the terms of her finance agreement, she is required to make payments of $420 per month for 36 months. What is the cash price of the car?Marites, a self-employed individual, is opening a retirement account at a bank. Her goal is to accumulate Php 1,000,000 in the account by the time she retires from work in 20 years’ time. A local bank is willing to open a retirement account that pays 8% interest compounded annually throughout the 20 years. Marites expects that her annual income will increase by 6% yearly during her working career. She wishes to start with a deposit at the end of year 1 (A1) and increase the deposit at a rate of 6% each year thereafter. What should be the size of her first deposit (A1)? The first deposit will occur at the end of year 1, and the subsequent deposits will be made at the end of each year. The last deposit will be made at the end of year 20.Engr. De Robles borrowed Php 10,000 from a bank and promised to pay the amount for 1 year. But he received Php 9,600 only after the bank deducted an advance interest of Php 400. Find a) the rate of discount and b) the rate of interest that the bank charged him.
- Heather deposited $1, 700 at her local credit union in a savings account at the rate of 9.8% paid as simple interest. She will earn interest once a year for the next 13 years. If she were to make no additional deposits or withdrawals, how much money would the credit union owe Heather in 13 years?Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer payments for 12 months, and Kris makes 48end-of-month payments thereafter. If the original note (loan) is for $28,000 and interest in 0.5% per month on the unpaid balance, how much will Kris’ payment be?For the past 6 months, Richard was unable to pay the monthly amortization of Php18,000.00 on his car loan. As a result, he was charged an annual interest rate of 15 %, compounded monthly as penalty for the late payment. Because of the length of delay, the bank is threatening to repossess the vehicle if the outstanding balance is not paid in full. How much is Richard required to pay today to prevent this from happening?
