Thabo borrows R850 000 from a bank to buy a house. He has to pay the bank back R7 647,67 per month for 20 year Calculate the number of payments he has to make.
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- Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264Margarita borrows R10,000 from her uncle and agrees to repay it in monthly instalments of R200. Her uncle charges 0,5% interest per month on the balance. How long will it take her to repay all the money?Ali buys an apartment for RM150,000. He makes a 10% down payment and finances the balance through the bank for 20 years with interest 4% compounded monthly. His monthly payment is RM818.07. Immediately after paying for 15 years, Ali wants to settle the loan. Calculate the amount he needs to pay?Ali buys an apartment for RM150,000. He makes a 10% down payment and finances the balance through the bank for 20 years with interest 4% compounded monthly. His monthly payment is RM818.07. Immediately after paying for 15 years, Ali wants to settle the loan. Calculate the amount he needs to pay?
- Jino sold his house. In addition to cash, he took a mortgage on the house. The mortgage will be paid off by monthly payments of P12, 345 for 10 years. He decided to sell the mortgage to a local bank. The bank will buy the mortgage, but requires a 1% per month interest rate on their investment. How much will the bank pay for the mortgage?Stephanie borrows Php77,000 for 10 months at an interest rate of 12% per year. Find the interest earned and the total amount she has to pay. a) How much is the interest earned? b) How much is the total amount that Stephanie has to pay?Che Kow buys a house for RM450,000 with 20% down payment. He takes a loan from a bank to settle the balance. The bank charges him an interest rate of 4.8% compounded monthly. He is required to pay equal monthly payments for thirty years to settle the loan.i) Calculate the monthly payment and the total interest charged. ii) If he fails to pay the first three monthly payments, calculate the amount he has to pay on the fourth payment in order to settle the outstanding arrears.
- Mr.Sarwar wants to save $2000 after every 6 months in a financial institution, which pays him interest at a rate of 10% per year compounded semi annually and deposits 16 semi annual payments. After 8 years Mr. Sarwar gives loan to Mr. Athar that accumulated amount(which he receives from the bank after 8 year) at an interest rate of 10% compounded annually. What amount Mr. Sarwar will have finally when Mr. Athar returns the amount to him after 3 years? How much total interest should he earn in 11 years time?Your sister bought a condominium unit for P9 300 000 through a condominium loan which she availed of from a universal bank at a fixed annual rate of 8% for 10 years.A. What amount is financed by the bank if she is required to pay an equity of 30% of the total price of the condominium?B. How much would be your sister’s monthly amortization if she is required to pay an equity of 30% of the total price of the condominium?Aaron is planning to buy an apartment. He earns a monthly income of RM40,000 and plans to put aside 25% of his salary. Aaron has set aside ready cash for the 20% down payment on his apartment and the remaining balance will borrow from the bank. The bank charges the nominal rate of 10% for a 20-year mortgage loan. What is the price of the most expensive apartment that Aaron can buy?
- Peter takes out a loan of R1000000 to start a new business. After 14 years his business grows and he borrows a further R200000 to build a storage warehouse . The bank offers him an interest rate of 11,2% p.a compounded monthly and it is agreed that he will pay back R1000000 after 7 years and settle the remainder of loan 3 years later . What will his final payment be to settle a loan ?Roberto bought a $280,000 house, paying 20% down, and financing the rest at 5.2% interest for 30 years. His monthly payments are $1230.01. How much will he really pay for his $280,000 house?.Kristine bought a smartphone worth Php72,000 and made a downpayment of Php15,000. The remaining balance must be paid every 4 months for 3 years. How much is her regular payment if the interest rate is 3% compounded every 4 months?
