Answered: Mr. Tan borrowed ₱15,000 from the…

Mr. Tan borrowed ₱15,000 from the faculty fund at 13.25% simple interest for 210 days.How much would he repay at the end of the term if he is charged exact interest?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 12E

See similar textbooks

Related questions

Q: Mr. So borrowed Php200,000 from a cooperative that charges 15% yearly. He used the loan to start his…

Q: A man borrowed $1000 from a bank at 8% interest. He agreed to repay the loan in two end-of-year…

A: Given information: Amount borrowed is $1,000 Bank interest rate is 8% Loan paid in two end of the…

Q: hutshilo won R165 000 and decided to deposit 65% of this amount in an account earning 8,25% interest…

A: Future value is the value of current asset or investment at a future date. Future value is…

Q: Edward made equal deposits at the beginning of every 3 months into an RRSP. At the end of 6 years,…

A: Effective annual rate = (1 + Monthly interest rate)^12 - 1 = (1 + 3.75%/12)^12 - 1 =0.03815129256…

Q: Today, a businessman borrowed money to be paid in 10 equal quarterly payments starting at the end 2…

A: The amount borrowed can be calculated as the present value of quarterly payments, The present value…

Q: Mr. Sabalbaro borrows P600, 000 at 12% compounded annually, agreeing to repay the loan in 15 equal…

A: Annuity: It is the payment plan where one can get a regular amount of money after making the lump…

Q: Today, a businessman borrowed money to be paid in 10 equal quarterly payments starting at the end 2…

A: Quarterly payment (P) = P 2000 Annual interest rate = 10% Quarterly interest rate (r) = 10%/4 =…

Q: Mr. Reyes borrows P600 000 at 12% compounded annually, agreeing to pay the loan in 15 equal annual…

A: Loan Amortization table :- An amortization plan (in some cases called an amortization table) is a…

Q: Mr. Santos borrowed a certain amount from Bank A with an interest of 5% compounded quarterly and he…

A: EMI = P × r × (1 + r)n((1 + r)n-1) where, P= Loan Amount r= Interest rate n= tenure

Q: el started to deposit P5,000 quarterly in a fund that pays 1% compounded quarterly. How much will be…

A: The money grow with time and depending on the interest rate and compounding the future value grow…

Q: What is the amount of the payments that Tom Brokaw must make at the end of each of 8 years to…

A: Amount required = $70,000 Interest Rate(r) = 8% Years(n) = 8 Let Annual Payments = P

Q: Daryl Yap invested the amount of Php100,000 in a bank that offers 15 % per annum simple interest.…

Q: May deposits PhP 20,000 into a fund at the beginning of each year for 10 years. At the end of 15…

A: This is a classic case of an annuity due, annuity perpetuity, annuity deferrals. First, we will…

Q: Cardo borrowed money from a local cooperative. He received P18,420 but promised to pay P20,000 in…

A: Present Value = 18,420 Future Value = 20,000

Q: John borrows $10,000 for 10 years and uses a sinking fund to repay the principal. The sinking fund…

A: Using excel RATE function

Q: A person deposits 200.00 riyals at the end of each month for a year in a bank, and it has been found…

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: At the age of 35 John began contributing 10,500 Php every month to a retirement fund. If his money…

A: Using excel nper function

Q: How much must a man place in a fund at the end of each month in order to have P12,500 at the end of…

A: Let the monthly payment = X Future value of annuity = P 12500 Interest rate = 7% per annum Duration…

Q: Mrs. Quiton deposited Php 120,000.00 into a college fund at the beginning of every month for 10…

A: ANNUITY is the series of equal payments made at regular interval of time.

Q: Koenma borrows 500,000 at 15% compounded annually, and he agree to pay the loan in 18 equal annual…

A: Borrowed amount (PV) = 500,000 Interest rate (i) = 15% Period (t) = 18 Years

Q: Joella invested RM5,000 in an interest-bearing promissory note earning an 8% annual rate of interest…

A: Following is the answer to the question

Q: If after she has made 12th payment, how much is still unpaid of the original principal?

A: Loan Payment: These are payments comprising of principal and interest payments made by the borrower…

Q: John borrowed PhP 100,000. He is to pay his debt in 10 equal annual payments starting 5 years from…

A: The concept of the time value of money states that the current worth of money is more than its value…

Q: In order to pay his university fees, Feynman borrowed $ 7000 for five months at 5.5 % Calculate…

A: Simple Interest Charged = Amount Borrowed x Interest Rate x time in months / 12 months

Q: Liam loaned an amount of 15,581 and he will pay it with an amount of 25,501 after 9 years. What is…

Q: A student borrowed P50,000 she he was freshmen in college to finance his education expenses. He is…

A: Loan amount (PV) = P50,000 Interest rate (r) = 10% Period (n) = 5 Years

Q: A civil engineering student borrowed P40,000 to meet college expenses during his senior year. He…

A: We need to find the future value at the end of 3 years then use pmt function to calculate equated…

Q: A young engineer borrowed P 10,000 at 12% interest and paid P 2,000 per annum for the last 4 years.…

A: Loan amount = P 10000 Interest rate = 12% Annual payment = P 2000 Number of annual payments = 4

Q: Ms. Harake gave a Php100,000.00 to Ms. Gonzaga at 18%. How much was the interest after 45 days?

A: Simple interest is a method of calculating the proportion of interest paid on an amount over a…

Q: Kyle borrowed P100,000 to be paid in 10 years, and established a sinking fund to provide for the…

A: The time value of money plays an important role in the determination of the present worth and future…

Q: Ali deposits BD 2,500 in a savings account that pays interest at the rate of 5.5% per year,…

A: Amount is the sum of the initial principal amount and interest accumulated on it during the time…

Q: While Kate was a student at SA University, she borrowed $16,000 in student loan at an annual…

A: The concept of the present value implies that the money today is having more worth than the money…

Q: On January 1, Alan King decided to transfer an amount from his checking account into aninvestment…

A: Present value: It refers to the current value of the sum of money or the series of cash flows that…

Q: Mr. Moreno started to deposit Php. 5,500 quarterly in a fund that pays 2.5% compounded monthly. How…

A: Multiple questions asked, so we can solve only first one or question asked as per requirement under…

Q: A man deposited Php 20,000 in a savings bank that pays 4 ½% compounded semi-annually for 2 years and…

A: Deposited amount (P) = Php 20,000 Interest rate = 4 1/2% = 4.50% Semi annual interest rate (r) =…

Q: A college student receives an interest free loan of $8250 from a relative. The student will repay…

A: Amount remaining to be paid is given by: Amount remaining to be paid = Actual amount - Amount paid…

Q: Today, a businessman borrowed money to be paid in 10 equal quarterly payments starting at the end 2…

A: The amount borrowed is calculated as present value of quarterly payments. The present value of…

Q: ma'am minda started to deposit P2,000 quarterly in a func that pays 5.5% compounded quarterly. How…

A: Quarterly Deposit = 2000 Interest rate = 5.5℅/4 = 1.375℅ per quarter N = 24 quarters

Q: a. Peter started to deposit P5,000 monthly in a fund that pays 1% compounded monthly. How much will…

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: Mr. Reyes borrows P600,000 at 12% compounded annually, agreeing to repay the loan in 15 equal…

A: We need to use present value of ordinary annuity formula to calculate equal payment. PMT…

Q: Mr. Nailor invests $19,000 in a money market account at his local bank. He receives annual interest…

A: In this question we need to calculate the holding period return for Mr. Nailor. First we need to…

Q: Mr. X financed his house by taking a loan of Rs. 71, 00,000 @ 10% p.a. and has paid Rs.15, 00,000…

A: Loan amount (PV) = Rs. 71, 00,000 Interest rate (r) = 10% Number of annual payments (n) = 10

Q: Mr. Reyes borrows P600, 000 at 12% compound the loan in 15 equal annual payments. How muc unpaid…

A: Loans are paid by the periodic payments that are paid equally annually and they carry payment of…

Q: Maria loaned an amount of 100,000 in payable in 15 equals installments. The first payment was made a…

A: The present value of loan is equal to the present value of all the future installments discounted at…

Q: Ericson deposited PhP 35,000 into his savings account that earns 4% interest. How much will he have…

A: Interest is calculated by multiplying the principal and rate by the time period.

Q: Clay Harden borrowed $25,000 from a bankat an interest rate of 9% compounded monthly. Theloan will…

A: When a loan is repaid by regular equal payments, each payment includes an interest part and a…

Q: I borrow a 500,000 at 15% compounded annually, and he agree to pay the loan in 18 equal annual…

A: Loan amount (PV) = 500,000 Interest rate (r) = 15% Number of annual payments (n) = 18

Q: Mr. So borrowed Php200,000 from a cooperative that charges 15% yearly. He used the loan to start his…

A: The amount to be paid after 18 months can be calculated as the future value of loan. Given, Present…

Q: Mr. Moreno started to deposit Php. 5,500 quarterly in a fund that pays 2.5% compounded monthly. How…

A: Note: We are providing the solution of question no.1 as specified in the first line of the question.…

Q: Demar won a prize of $45 000. He has decided to invest in an account paying 3.5% per annum,…

A: Annuity means finite no. of payments which are same in size and made in equal intervals. Person gets…

Question

Mr. Tan borrowed ₱15,000 from the faculty fund at 13.25% simple interest for
210 days.How much would he repay at the end of the term if he is charged exact
interest?

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

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

If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?
Kyle borrowed P100,000 to be paid in 10 years, and established a sinkingfund to provide for the payment of this obligation. The deposits with thefund will be made at the end of every six months. If money is worth 8%compounded semi-annually, what should be the amount of each deposit.
Mr. Reyes borrows P600, 000 at 12% compounded annually, agreeing to repay the loan in 15 equal annual payments. How much of the original principal is still unpaid after he has made the 8th payment?Include cashflow if possible
Mr. Reyes borrows P600 000 at 12% compounded annually, agreeing to pay the loan in 15 equal annual payments. How much of the original principal is still unpaid after he has made the 8th payment? Include the Cash Flow Diagram.
A civil engineering student borrowed P40,000 to meet college expenses during his senior year. He promised to repay the loan with interest at 4.5% in 10 equal semi-annual installments, the first payment to be made 3 years after the date of the loan. How much will be this payment?
Michael borrowed RM420,000 to buy an apartment in Damansara. His loan cost was 6% and he promised to repay the loan in 30 equal annual payments. How much is the principal outstanding after the first loan payment?
Mr. Reyes borrows P600,000 at 12% compounded annually agreeing to repay the loan in 15 equal annual payments. How much of the original principal is still unpaid after he has made the 8th payment?
Today, Engr Santos borrowed Php 250,000 to purchase furniture for her new office. She can repay the loan in five equal annual installments with interest based on 5% per year. How much is the annual installment starting next year?
Mrs. Quiton deposited Php 120,000.00 into a college fund at the beginning of every month for 10 years . The fund earns 9% annual interest , compounded monthly . She paid at the end of the month . How much is in the account right after the last deposit ? 1. What is the type of annuity illustrated in the given problem? A. Simple Annuity B. General Annuity C. Deferred Annuity D. Complex Annuity 2. Determine the present value of the deposit. A. Php 12,000.00 B. Php 30,000.00 C. Php 60,000.00 D. Php 75,000.00
On March 1, 2012, Jason's Deli loaned $12,000 to Mark Johnson for one year at 5 percent interest. Required:- Answer the following questions. What is the total amount of interest Jason's Deli earned from the loan to Mark Johnson?
Mr. Deneau accumulated $98000 in an RRSP. He converted the RRSP into a RRIF and started to withdraw $5400 at the end of every three months from the fund. If interest is 4.1% compounded annually, for how long can Mr. Deneau make withdrawals? State your answer in years and months (from 0 to 11 months).
Rafael started to deposit P5,000 quarterly in a fund that pays 1% compounded quarterly. How much will be in the fund after 6 years? WSS plumbing wishes to pay off a debt of P130,000 in 2 years. What regular payment would they need to make every month at 12% interest compounded monthly? To pay for his debt at 12% compounded quarterly, Riley committed for 8 quarterly payments of P28,491.28 each. How much did he borrow?