On 23 January 2021, Sofie took a loan of RM7000 from a local bank that charged r% simple interest per annum. By using Banker's Rule, Sofie settled her loan on 18 May 2021 by paying RM7134.17. Using S=P(1+rt) No use excel. Find: a) the term of the loan. b) the interest rate, r.
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- 1. On 23 January 2021, Sofie took a loan of RM7000 from a local bank that charged r% simple interest per annum. By using Banker's Rule, Sofie settled her loan on 18 May 2021 by paying RM7134.17. Find: a) the term of the loan. b) the interest rate, r.On January 1, 2020, Flounder Furniture Ltd. borrowed $3 million (face value) from Aurora Inc., a major customer, through non–interest-bearing note due in 5 years. Because the note was non–interest-bearing, Flounder Furniture agreed to sell furniture to this customer at lower than market price. A 11% rate of interest is normally charged on this type of loan.Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, calculate the amount that the note would be recorded at on January 1, 2020. (Hint: Refer to Chapter 3 for tips on calculating.) Please help within ExcelOn January 1, 2020, Flounder Furniture Ltd. borrowed $3 million (face value) from Aurora Inc., a major customer, through non–interest-bearing note due in 5 years. Because the note was non–interest-bearing, Flounder Furniture agreed to sell furniture to this customer at lower than market price. A 11% rate of interest is normally charged on this type of loan.Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, calculate the amount that the note would be recorded at on January 1, 2020. (Hint: Refer to Chapter 3 for tips on calculating.) Please show solution in Excel
- Joseph borrowed P5,000.00 on November 2,2015 from Arthemus, which is to be paid on May 21,2016 at 6.2% simple interest per year. Find the amount to be repaid. How much will the interest be at the repayment date if the following time factors are used? A. Bankers rule B. Exact simple interest C. Approximate/360 D. Approximate/ 365 Show solution.13. In 2022, Mr. Sun Ho was charged interest expense on a business related loan in the amount of PHP 60,000. His interest income on bank account with BPI is PHP 720. How much is the deductible interest expense? a. None b. PHP 59,856 c. PHP 144 d. PHP 60,000Milo Corporation has a line of credit with BDO for Ҏ5,000,000 in June30, 2018 payable on December 31, 2019. The company has no existingdeposit with the bank. The bank requires the borrower a compensatingbalance of 5% and charges 15% for loans availed. a) How much should the company borrow to have a net proceeds ofҎ5,000,000?b) What is the effective interest rate from this transaction if:b-1) interest rate is paid at the end of the term?b-2) interest is deducted in advance?
- Liana Ltd bought a bank bill on 7 January 2012 for $976 751 and sold it on 3 March 2012 for $987 618. a. What simple interest rate (annual rate) did Liana Ltd earn? b. What annual effective interest rate did Liana Ltd earn? Please help to solve the following question with detailed steps and explanation. thank youJoyce took out a loan for $21,900 at 12% on March 18, 2017, which will be due on January 9, 2018. Using ordinary interest, how much will Joyce pay at maturity? Multiple Choice $2,168.10 $24,068.10 $24,038.40On January 1, 20x1, Next Co. obtains a P4,000,000 bank loan due on December 31, 20x4. Interest of 12% is due annually. The bank charges Next Co. an 11.19% nonrefundable loan origination fee. The effective interest rate on the loan is approximately equal to a. 11.19% b. 12% c . 16 % d. 17.37%
- Syaherah is applying for a RM50,000 hire purchase from BCD Bank. The interest rate of the loan is 6% per annum flat and the duration is 9 years. However, the bank does not provide full financing instead, requires her to provide a 20% deposit of the total amount of the loan applied. Syaherah has approached you and asked your assistance to calculate the term charges. A. RM23,800 B. RM25,400 C. RM22,400 D. RM21,600Megabank granted an 8%, 3-year P 6,000,000 loan to Global Company on January 1, 2021. The interest on the loan is payable every December 31. Megabank incurred P 520,600 of direct origination cost but an origination fee of P 200,000 was charged against Global Company. The effective rate on the loan as a result of the origination fee and cost is now 6%. No. QUESTIONS Your Answer 1. What is the carrying value of the loan receivable on January 1, 2021 in Megabank's accounting books? 2. What is the carrying value of the loan receivable on December 31, 2023 in Megabank's accounting books?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)