Faysal wants to expand his business and needs an amount of OMR 3,000. He approached Sohar Bank for the same amount. What amount of interest will he repay if he takes the required amount at 7% finance charge for 3 years compounded half yearly? a. OMR 3,687.765 b. OMR 630 c. OMR 3,000 d. OMR 687.765
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- Direction : Read , analyze , and solve the following worded problem involving annuities . Show your complete solutions. I already provided the answer I just need the SOLUTION. Harry borrowed an amount of money from Donna . He agrees to pay the principal plus the interest by paying 38 937.76 Php each year for three years . How much money did he borrow if the interest is 8% compounded quarterly ? Answer: Harry borrowed 100 000.00 PhpMr Ahmad wants to borrow $30,000 for a delivery Van for his Bakery business, which is rovided by Bank Muscat at 9% per year, compounded monthly. If Mr Ahmad takes a 5-year Dan, what is your monthly payment? Oa. -622.75 b. -600.75 C-548.25 d- -500.45Curtis buys a piece of commercial property for $230,000. He is offered a 20-year loan by the bank, at an interest rate of 9% per year. The loan requires annual payments to be made. What is the annual loan paymen Curtis must make assuming the first payment will be due one year from the date of purchase? O A. $40,313.10 O B. $30,234.83 O C. $35,273.97 O D. $25,195.69 O Time Remaining: 00:29:43 Next dtv 11 DD F11 F9 F10 F8 F7 F5 esc F4 F2 F3 F1 & @ 2# $ % 8 1 3. 4 { P < CO
- 2. Zain borrowed a certain amount of money from Bank Menang to purchase a car. He has to repay RM880 monthly for 5 years. No use excel. a) How much did he borrow if the bank charged interest at 7.5 % per annum on the original balance? (RM38400) b) Calculate the amount of interest Zain has to pay to the bank. (RM14400) c) If Zain made a 40% down payment, find the cost price of the car. (RM64000)3. A boy borrows 25000 from father. His father lends him the money, on the condition that he would be repaid within two years only. The boy gives 500 to his father every month for the first year. In the second year, how much should he pay his father every month to fully return his borrowed money? Use an interest rate of 5.2% per year, compounded daily. Use 360 days 1 year. =Mr. X financed his house by taking a loan of Rs. 71, 00,000 @ 10% p.a. and haspaid Rs.15, 00,000 as down payment. The loan is to be repaid in 10 equalinstalments starting at the end of the first year. Calculate the amount of equalannual instalment and total interest paid upon repayment of loan.
- 43. Ms. Perez borrowed money as capital for her business. She plans to pay back her lender by paying Php 5000 at the beginning of each month for the next 5 years at an interest rate of 10 % compounded monthly. How much can she borrow at this rate? O a. Php 342660.9 O b. Php 237287.90 O c. Php 250345.9 O d. Php 273920.9 O e. None of the aboveMay I ask for an explanation and solution to the question for a better understanding. Thank you! 10. You inherit P150,000 from your aunt. You decide to invest the money in a three-year certificate of Deposit (CD) that pays 4% interest, compounding quarterly, to use as a down payment on a house. How much money will you have when the CD matures? a. P506,188.80 b. P169,023.75 c. P168,729.60 d. P674,918.40Charles has just taken out a loan at an annual rate of 12%. Based on the conditions of the loan, he must make payments of $1,200 per year for 15 years in order to repay the full amount of the loan. How much money did Charles borrow? O $8.173.04 O $44,735.66 O $18,000.00 O $6,504.74
- Patric borrows money from Zanele at a simple discount rate of 9,75% per annum. He must pay him R35 000 in 27 months’ time. The amount of money that he receives from Zanele now is [1] R27 321,88. [2] R44 835,87. [3] R28 389,51 [4] R42 678,13. [5] R28 703,23Rahman paid RM 9600 as interest on a loan he took 5 years ago at 16% rate of simple interest. What was the amount he took as loan? Select one: O a. RM 16400 O b. RM 18000 O c. RM 12000 o d. RM 12500Emily receives R1 500,00 from the bank now that charge 10,5% simple discount per annum. She has to pay back the bank as amount of R1 893,75 in a few months' time. The number of months after which Emily pays back the loan, rounded to one decimal place, is O a. 23,8. O b. 2,5. C. 2,0. O d. 30,0.