A businessman borrowed $1,900,000 from the bank to finance new equipment for his food co-packing factory. The loan is to be paid back in uniform annual payments at an annual interest rate of 4% over 24 years. Calculate the uniform annual payments OA. $127,870 OB. $129,580 OC. $45,600 OD. $48,640 OE. $124,640 COCO

Suppose you need to borrow $15000 to finance a purchase of a new car for a period of 4 years. You bank offers you a loan with 5% annual interest rate and a fixed monthly payment of $345. What is the interest owed, principal paid and the principal outstanding after the first 2 monthly pay- ments? Hint: do not forget to convert the term of the loan and the interest rate to monthly frequency

Suppose that under the Plan of Repayment one should pay off the debt in a number of equal end-of-month installments (principal and interest). This is the customary way to pay off loans on automobiles, house mortgages, etc. A friend of yours has financed $15,000 on the purchase of a new automobile, and the annual interest rate is 6% (0.5% per month). a. Monthly payments over a 36-month loan period will be how much? b. How much interest and principal will be paid within three month of this loan?

9. A loan of $10000.00 taken out 6 months ago is to be repaid by 3 equal installments due now, 1 years from now, and 1.5 years from now respectively. What is the size of the equal installments if interest on the debt is 6% p.a. compounded monthly? I