John is deciding between a loan charged at 5% bank discount, and one charged at 6% simple interest. Either would require John to repay P1000 on August 3, 2021. It is now April 3, 2021. Which loan should John get?
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John is deciding between a loan charged at 5% bank discount, and one charged at 6% simple interest. Either would require John to repay P1000 on August 3, 2021. It is now April 3, 2021. Which loan should John get?
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- If you borrow $ 18,500 at an annual interest rate of 7.5% on September 14, 2019, and pay the loan back on January 12, 2020. What are the proceeds of the loan using the banker’s rule at the approximate time? 18,004.83 18,045.20 17,069.79 18,956.16Daniel is expected to settle a loan on March 24th, 2018 by paying $6,500. What amount should he pay if he decides to settle it on June 11th, 2017 instead? The interest rate is 5.46% compounded monthly.On May 30, 2021, Fred loaned ₱150,000 in a bank. It was agreed that he will pay the amount with a 6% rate of interest on August 10, 2021. What is the total amount of money Fred should pay? (Use banker's rule.)
- Your father offers to give you $400 on January 1, 2019. You will then make six additional equal payments each 6 months from July 2019 through January 2022. If your bank pays 8% compounded semiannually, how large must each payment be for you to end up with $1,000 on January 1, 2022? What is the Effective Annual Rate (EAR) earned on the bank account in part f? What is the Nominal Interest Rate or Annual Percentage Rate (APR) earned on the account?A person agreed with a bank to deposit an amount of 500 dinars at the end of each year starting from the year 2000 in order to be able to buy an apartment by the end of 2020. If he knows that this person has deposited only 15 payments, and that the compound interest rate is 2% annually, the total payments are required to be found at the end of the year. 2020.zack borrowed $30,000 at 9 % on July 23, 2020. He repaid $15,000 on October 21 and $10,000 on December 16. Find the final payment required on the February 12, 2021 using merchant’ rule?
- On June 26, 2019, Naomi obtained a loan of P150,000 from a local businessman. The interest rate on the loan was 7.75% and it is to be paid on November 15, 2020. What is the Ordinary simple interest using exact time?Otto Co. borrows money on April 30, 2019, by promising to make four payments of $13,000 each onNovember 1, 2019; May 1, 2020; November 1, 2020; and May 1, 2021. How much money is Otto able to borrow if the interest rate is 8%, compounded semiannually?John wants to borrow 75,800 from a bank payable in 3 years and 9 months. if the bank charges 9.5% interest in advance what size of loan would he apply for?
- 1) Janet borrows $4,000 on October 20, 2020. If the simple interest rate is 12%, then how much needs to be repaid on May 11, 2021?It is now January 1, 2018. You will deposit $1,000 today into a savings account that pays 8 percent.a. If the bank compounds interest annually, how much will you have in your account on January 1, 2021?b. What would your January 1, 2021, balance be if the bank used quarterly compounding? c. Suppose you deposit $1,000 in 3 payments of $333.333 each on January 1 of 2019, 2020, and 2021.How much would you have in your account on January 1, 2021, based on 8 percent annual compounding?d. How much would be in your account if the 3 payments began on January 1, 2018? e. Suppose you deposit 3 equal payments in your account on January 1 of 2019, 2020, and 2021.Assuming an 8 percent interest rate, how large must your payments be to have the same ending balance asin part a?Ms. R. would like to buy a mobile home. For this purpose, she takes out a loan on 01.01.2021 Amount of 80,000 euros. An annual interest rate of 4.5% is set in the loan agreement. a) Ms. R. agrees with the bank that the debt plus interest will be in nine equal amounts to be repaid at the end of each year. The first payment is to be made on December 31, 2022. 1. How much is the annuity to be paid at the end of each year from December 31, 2022?2. Enter the repayment schedule line for the 7th year after the debt was taken on.3. Ms. R. considers instead of the annuities, rather advance equal quarter payments in the years 2022, 2023, 2024 . . To achieve in 2030. How much is the quarterly payment? b) Ms. R. agrees with the bank that the debt plus interest will be paid annuities in each case To repay 15,000 euros at the end of a year. The first payment is scheduled for December 31, 2022 respectively. How many years does she have to pay full annuities?
