Mr Jeffrey wants to renovate his house. He takes a personal loan of RM 45000 from a bank with an interest rate of 5% per annum and the payback period is 6 years. (a) What is the monthly instalment payable by Mr Jeffrey ? (b) If Mr Jeffrey wants to reduce one year from the loan repayment period, calculate the amount of money need to be added to the existing instalment.
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Highschool lesson about credit and debt management
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- Solve the given problem. A. Mrs. Ledesma apply for a loan for the renovation of their house. She agreed to pay P10,000 quarterly for 5 years that will start at the end of 2 years. If interest rate is 6% converted quarterly, how much is her loan? d. Period of deferral is ________. e. The interest rate per period is ___________. f. The present value of the loan is ___________. B. Your mother plans to buy you laptop for your online class. She got an offer from Abenson of monthly installment of 1,950 monthly for 1 year and a down payment of 5,500. The payment will start at the end of 3 months. How much is the cash price of the laptop if the interest rate is 3% compounded monthly. e. The interest rate per period is ___________. f. The present value of laptop is ___________. g. The down payment is _____________. h. The fair market value is ____________.Solve the given problem. A. Mrs. Ledesma apply for a loan for the renovation of their house. She agreed to pay P10,000 quarterly for 5 years that will start at the end of 2 years. If interest rate is 6% converted quarterly, how much is her loan? a. The type of annuity illustrated in the problem is ____________. b. The regular payment is ___________. c. The total number of payments is _________. d. Period of deferral is ________. e. The interest rate per period is ___________. f. The present value of the loan is ___________. B. Your mother plans to buy you laptop for your online class. She got an offer from Abenson of monthly installment of 1,950 monthly for 1 year and a down payment of 5,500. The payment will start at the end of 3 months. How much is the cash price of the laptop if the interest rate is 3% compounded monthly. a. The type of annuity illustrated in the problem is ____________. b. The regular payment is ___________. c. The total number of payments is _________. d. Period…b) You have decided to buy an apartment costing $140,000. At present you have $10,000 to be paid as down payment and your bank CAB agrees to provide you with the remaining amount of money. The interest rate is 12% to be repaid in 5 years period. Find the annual payment to be amortized and also prepare a schedule of amortization.
- 5) George wants to purchase a new house that costs $185, 500. The terms of the sale are 10% down payment and the rest to be paid off at a 5.75% interest rate compounded monthly for 30 years. paying $974.28 for his monthly payment b.) how much will george pay in interest for the life of the loanQuestion Solve the given problem. A. Mrs. Ledesma apply for a loan for the renovation of their house. She agreed to pay P10,000 quarterly for 5 years that will start at the end of 2 years. If interest rate is 6% converted quarterly, how much is her loan? a. The type of annuity illustrated in the problem is ____________. b. The regular payment is ___________. c. The total number of payments is _________. d. Period of deferral is ________. e. The interest rate per period is ___________. f. The present value of the loan is ___________. B. Your mother plans to buy you laptop for your online class. She got an offer from Abenson of monthly installment of 1,950 monthly for 1 year and a down payment of 5,500. The payment will start at the end of 3 months. How much is the cash price of the laptop if the interest rate is 3% compounded monthly. a. The type of annuity illustrated in the problem is ____________. b. The regular payment is ___________. c. The total number of payments is _________.…John Lloyd and Izan want to buy a $138,000 home. They plan to pay 20% as a down payment, and take out a 30 year loan at 4.15% interest for the balance. a) How much is the loan amount going to be? b) What will the monthly payment be for John Lloyd and Izan? c) How much of the first payment is interest? d) What is the total of the payments? e) How much interest was paid?
- Cassandra received a 30 year loan of $320,000 to purchase a house. The interest rate on the loan was 3.70% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 3? Round to the nearest cent c. By how much will the amortization period shorten if Cassandra makes an extra payment of $30,000 at the end of year 3? years and monthsmHow much money must be deposited today in order to withdraw P500 monthly for 5 years if interest rate is 10% compounded monthly?2. A man obtained a loan of P50,000 at the rate of 6% compounded annually in order to repair his house. How much he pay monthly to amortize the loan within a period of 5 years?3. What is the accumulated amount of an 8 year annuity paying P2000 with an interest of 15% compounded quarterly?4. What is the present worth of a P15,000 annuity starting at the end of the 3rdyear and continuing to the end of the 10th year, if the annual interest rate is 8%?5. What is the present value of a perpetuity that pays P15,000 per month if the interest rate is 6% compounded semiannually?Answer the given problem. Problem: Mrs Talla obtained a loan of P200,000. She has to repay the loan by equal payments at the end of every six months for 5 years at 2% interest compounded semi-annually. Find the periodic payment. (Prepare an amortization schedule) The given picture is only a sample of amortization schedule please refer to it. Thank you.
- James received a 15 year loan of $230,000 to purchase a house. The interest rate on the loan was 2.10% compounded semi- annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of year 2? Round to the nearest cent c. By how much will the amortization period shorten if James makes an extra payment of $30,000 at the end of year 2?Suppose you want to buy a rent to own house worth P450,000. You made a down payment of 15% of the purchase price and take a 25 year mortgage for the balance. a. What is your down payment? b. What is your mortgage amount? c. What is the total interest charged over the life of the loan if your monthly payment is P2,200? Solve manually in a paper.Momis paid £500 a month for 20 years to pay off the mortgage on his Glasgow house. If his down payment was f5000 and the interest rate was 6 percent compounded monthly, what was the purchase price of the house? (Ctrl) -