1. Accumulate 12,000 Pesos at 3 ½ % simple interest for 9 months. 2. An interest of 853.12 Pesos was paid on 7,500Pesos simple interest loan at the end of 1 yrar and 9 months. What was the rate of interest?
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Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
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- 2. Mr. Dizon borrowed P35,000.00 from the cooperative bank. Find the simple interest if it is to be paid after 5 months with an interest rate of 1.50 %per month.2. You deposit $1500 in an account earning 3.75% interest compounded monthly. A. B.₁ ) How much will you have in the account in 7 years? 5.) How much interest will you have gained? 欢 3. (-) A payday loan company charges a $60 fee for a $700 payday loan that needs to be repaid in 14 days. Treating the fee as interest paid, what is the equivalent simple interest rate? Use the fact that there are 365 days in a year. Round to the nearest hundredth of a percent. Don't be surprised if the answer is more than 100%. 4.1 You pay $450 a month for a loan on a car purchase. You are getting a rate of 5.5% compounded monthly, how much is the remaining balance of the loan for the last 2 years?1. How long will it take for your P18,000 to be doubled if invested at 3% simple interest? 2. The repayment on a loan was P18,720. If the loan was for 18 months at 10% interest a year, how much was the principal?
- 3. The PC Shop obtains a loan from a finance company. It is to be repaid by quarteny payments of Php 50,000, the first of which is due at the end of 2 years and the lastat the end of 6 years. If the interest rate of the loan is 16% compounded quarterly, how much is the amount borrowed?Consider a loan of 800,000 which is to be amortized by 60 monthly payments. The interest rate is 12% converted monthly. 1. How much is the outstanding balance after the 36th payment? 2. How much of the 37th payment goes to pay the interest the principal?1. Suppose you borrow $16,000. The interest rate is 9%, and it requires 4 equal end-of-year payments. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. Round your answers to the nearest cent. If your answer is zero, enter "0".
- A man borrowed P18,400.00 from a credit union that charges 8% simple interest for 1 year and 9 months. What is the amount of interest charged?Reya paid Php 9,250 on a loan made 6 months before at 12% simple interest. Find the interest generated.What is the rate of interest?What is the future value?What is the term of the loan?What is the principal in the problem?A business loan of PhP 650,000 is to be settled by paying PhP 29,994.20 monthly in 2 years. If the interest rate is 10% converted monthly, how much is the outstanding balance after 6 payments?
- 1. Compute the simple interest of a loan amounting to P100,000.00 payable in 8 months if the interest rate is 4.0 %.1. Let's assume that a loan of $100,000 with an annual interest rate of 6% over 30 years pays monthly payments of $500. a. Calculate the accumulation rate b. Calculate the payment rate . c. Answer : How will the balance of the principal be at the end of the loan in relation to the original amount of the loan? Less, equal or greater? Provide calculations.2. Deposit the principal amount of P10,000 into a savings account that pays interest at the rate of 5%. What is the amount in the account after 1 year if the account is: a. compounded annually b. compounded semi-annually c. compounded quarterly d. compounded monthly e. Which is advantageous to the investor?