Problem 4: Read the question and solve the problem below. Write your complete solution. Mike Marquez purchased a lawn tractor for Php 9,000. He made a down payment of Php 1,000 and financed the rest at 7% payable in 24 months. He paid off the loan at the end of the fifteenth months. Find the amount of his refund using the rule of 78s.

Problem 4: Read the question and solve the problem below. Write your complete solution. Mike Marquez purchased a lawn tractor for Php 9,000. He made a down payment of Php 1,000 and financed the rest at 7% payable in 24 months. He paid off the loan at the end of the fifteenth months. Find the amount of his refund using the rule of 78s.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

TOPIC: ENGINEERING ECONOMICS Specific SYSTEMATICALLY. Show your COMPLETE solutions and BOX your final answers. Express all your answers in 2 decimal places. Instructions: Solve each problem NEATLY and 1. Gian paid an interest of Php 8000 on a salary loan for 5 years at 7 % interest. What was the original loan? How much did he pay at the end of 5 years?
Miguel purchased a hot tub costing $5,070 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $171.77 each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent. % Need Help? Read It Watch It Master It
Specific Instructions: Solve each problem NEATLY and SYSTEMATICALLY. Show your COMPLETE solutions and BOx your final answer. Express your answers in 2 decimal places. TOPIC: ENGINEERING ECONOMICS Problem: A man borrowed Php 8000 from RCBC and agreed to pay the loan at the end of 9 months. The bank discounted the loan and give him Php 5000 in cash. What was the rate of interest? What was the rate of discount?
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 Php
Problem #2. Your neighbor purchased a sailboat for $9,810. He made a downpayment of $2,000 and financed the balance with monthly payments of $250 for 36 months. Show your work for all parts of the problem. (a) What is the finance charge on the loan? (b) Use the APR formula to find what annual percentage rate is being charged on the loan
Chad purchased a new Toyota 4-runner for $32,500. He put a $5,000 down payment and financed the remaining amount. The loan on his truck is for 60 months and has a finance charge of $6,000. What is the APR on the loan? (Round to the tenth of a percent) 6.9% 8.0% 0.3% 7.5% Click the answer you think is right.
Mike Marquez purchased a lawn tractor for Php 9,000. He made a down payment of Php1,000 and financed the rest 7% payable in 24 months. He paid off the loan at the end of the fifteenth months. Find the amount of his refund using the rule of 78s.
Alex decided to purchase a laptop amounting Php 44, 999.00 using home credit. The agents told him to the requirements and asking him for 40% down payment. a. How much is the down payment for the laptop? b. How much is the monthly payment if the interest is 3.33% per month?
Problem #1. Jason's uncle loaned him $26,560 to help start a landscaping business. They agreed that Jason would pay off the entire loan plus 3.24% annually compounded interest in 4 years, and that in the meantime he would make monthly deposits into a bank account to make sure that he has the amount needed when the loan comes due. The bank will pay 2.09%. (a) Find the total amount Jason will need to repay the loan. Show your work. (b) How much should each of his monthly deposits be? Show your work.
Wilfredo bought a new boat for $18,300. He paid $1,000 for the down payment and financed the rest for 4-years at an annual interest rate of 10%. Use the table to find the monthly payment for the amortized loan. Find the total interest paid on the loan. LOADING... Click the icon to view a table of monthly payments on a $1,000 loan. Question content area bottom Part 1 The monthly payments for this loan are $enter your response here. (Round to the nearest cent as needed.) Part 2 The total interest he paid on this loan is $enter your response here. (Round to the nearest cent as needed.)
AS an accountant at City Bank in Boston, Ken, the Loan Officer called you for some help on a loan application that he is working on. One of his customers is looking for a $50,000 loan for a car. He is offering him a 7% 5 year $50,000 loan and asking you to help him calculate the installment amount. This is the data Ken sent you: Face Amount of Loan $50,000 Contract Rate… 7% Term of the Loan….. 5 years
OLA#8.4 Tiffany purchased a machine for $22,000 for his company. He paid 5.00% of this amount as a down payment and financed the rest at 6.12% compounded monthly. He paid $1,125 at the end of every month to settle the loan. a. What was the principal portion of payment number 4? b. What was the interest portion of payment number 4? Please reply with algebra using details

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS