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?
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- A man borrows P5,430 from a loan association. In repaying this debt, he has to pay P425 at the end of every 3 months on the principal and a simple interest of 14.75% on the principal outstanding at that time. Determine the total amount he must pay after paying all his debt.A debtor borrows P7,900 and agrees to pay P9,359 for his debt 3 years & 4 months from now. At what rate compounded monthly is he paying the interest?Liam loaned an amount of 15,581 and he will pay it with an amount of 25,501 after 9 years. What is the agreed interest rate between Liam and the bank compounded annually in percent?
- A man deposits P500 in a credit union at the end of each year for 5 years. The creditunion pays 5% interest, compounded semiannually. At the end of 5 years, immediatelyafter the fifth deposit, how much does the man have in his account.A man loans P187,400 from a bank with 5% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 years. Find the annual payments.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. $1,631
- An employee obtained a loan of P486,555 at the rate of 20.774% compounded bimonthly to build a house. Determine the following: 1.Nominal interest rate compound twice a month %. 2.Amount he has to pay at the end of thw 15 years? 3.Equal amount to be paid at the end of 5th and 7th year to be fully paid.James borrows $280 000 and repays the loan in equal fortnightly repayments of $1250 over 20 years. What is the flat rate of interest per annum on James's loan, correct to two decimal places?A man obtained a loan from the bank worth P 400,000.00 payable within 4 years from the time the loan was granted in equal monthly installment. The first payment is due after 1 year. If the interest rate is 8% compounded annually. Calculate the amount of his monthly payment.
- A businessman borrowed P300,000 with interest at the rate of 6% compounded annually. He agrees to discharge his obligation by paying a series of 6 equal annual payments, the first being due at the end of 5th year. a. What is the value of the annual payments? b. What is the sum of all his payments? c. What is the actual interest that he paid?An employee obtained a loan of P486,555 at the rate of 20.774% compounded bimonthly to build a house. Determine the following: Nominal interest rate compound twice a month %. Amount he has to pay at the end of thw 15 years? Equal amount to be paid at the end of 5th and 7th year to be fully paid.1. Erika Joy borrowed P7,777.00 to be paid after 2.5 years with interest at 15% compounded semiannually and P5,000.00 to be paid after 3 yrs. at 12.5% compounded monthly. What single payment must she pay after 3.5 years at an interest rate of 15% compounded semi-annualy to settle the two obligations?