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- Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the interest rate was 5% compounded annually. Sharapovich Inc. will make payments of $11,548.74 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.An individual borrows $4,500 from the bank to be repaid in three equal annual installments, with the first installment to be paid one year after the loan amount is received. If interest on the loan is charged at a rate of 9 per cent per annum compounded annually, to the nearest dollar the annual installment is a. $1,259 b. $1,373 c. $1,778 d. $1,631Q-4: Fay borrowed $5000 at an interest rate of 3% compounded quarterly. On the first, second, and third anniversaries of the loan, she made payments of $1500. What payment made on the fourth anniversary will extinguish the debt?
- A man agreed to pay the loan he is borrowing from the bank in six (6) equal end of the year payments of P71,477.70. Interest is 18% per annum compounded annually and is included in the yearly amount he will be paying in the bank. How much is the man borrowing from the bank?A man borrows S195,500 from a bank with interest at 7% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 yearh. Find the annual payments. S60,203 b. S60,354 4. $60,487 d. S60,589 e. $60,75810.4 Allocation of the Monthly Payment (pp. 584-387) Compute (a) the allocation of the monthly payment toward principal and interest and (b) the new principal. Rowena Tinley obtains a 30-year, $90,000 mortgage from State Bank. The interest rate is 7.5%, and her monthly payment is $629.10. For the first payment, what is the amount of (a) interest, (b) payment to principal, and (c) new principal? Step 1: Find the interest. Principal x Rate x Time $90,000.00 x 7.5% x 12 = $562.50 interest Step 2: Find the payment to principal. Monthly Payment Interest $629.10 $562.50 - $66.60 payment to principal Step 3: Find the new principal. Previous Balance - Payment to Principal $90,000.00 $66.60 = $89,933.40 new principal Review Exercises Find the (a) amount for interest, (b) amount for principal, and (c) new principal. Interest First Monthly Amount for Payment Amount for Mortgage Amount New Principal b. $ Principal C.S Rate Interest 26. $ 60,000 7.0% $399.00 a. S 27. 130,000 5.5 738.40 a. b. 28.…
- The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Principal $8000 Compounded semiannually Rate Time 6% 4 years A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. A. The amount of money in the account after 4 years is $ (Round to the nearest hundredth as needed.) B. The amount of interest earned is $. (Round to the nearest hundredth as needed.)For items 16-20 Suppose that Zab borrowed P50,000 from a cooperative on January 8, 2020 and paid the entire sum including interest on April 3 of the same year, and that the interest rate is 1.5%. 16. Determine the exact time for the computation of exact interest. 17. Determine the approximate time for the computation of ordinary interest. 18. Find the amount of interest earned, if it is computed using the exact simple interest. 19. Find the amount of interest earned, if it is computed using the ordinary simple interest. 20. Find the amount of interest earned, if it is computed using the banker's rule.12. Ms. Smith borrowed P125,000 at 11% stated rate of interest and was to pay back the loan in 24 monthly payments. What is her effective rate of interest? A. 10.56% C. 21.12% B. 18.96% D. 22.00%
- 5. Find the amount of interest earned in the following deposit: $12,699.36 at 5% compounded semiannually for 7 years ಮಾತ್ರ 6. Find the present value of each amount: a) $42,000 in 7 years, 6% compounded monthly b) $1347.89 in 3.5 years, 6.77% compounded semiannuallyOn January 5, 2021 Mr. Pacifico obtained a 4-year business loan from a bank for P200,000 at 6% interest per annum. Both principal and interest are payable on equal installments every end of each quarter of the calendar year until the end of the 4-year term. How much interest expenses shall be deductible from gross income for the taxable year 2021? * O zero O P3,000 O P6,000 O P12,000OLA #8.1 Miguel received a loan of $10,000 at 4.50% compounded quarterly. He had to make payments at the end of every quarter for a period of 1 year to settle the loan. a. Calculate the size of payments. b. Fill in the amortization schedule, rounding the answers to two decimal places. Payment Number Amount Paid Interest Portion Principal Portion Principal Balance 0 $10,000.00 1 2 3 4 Total