Question 18 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? Note: Input the amount only, with comma and rounded to two decimals. Do not input the peso sign. (Example: 16,435.50) Add your answer
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- Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600www Will You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, th bank also charges you a loan initiation fee of $25, which is taken out of the initial proceeds of the loan. What is the effective annuall interest rate on the loan, taking account of the impact of the initiation fee? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) Effective annual interest rate 19.98 % < PrevQuarter-end payments of $1,480 are made to settle a loan of $37,480 in 9 years. What is the effective interest rate? 0.00% Round to two decimal places SUBMIT QUESTION 0 0 13 540 O SAVE PROGRESS SUBMIT ENG US
- K Suppose that on January 1 you have a balance of $2500 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total paid since January 1 is $ (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) c. The percentage of the total paid that is interest is %. (Use the answer from part (b) to find this answer. Round to one decimal place as needed.)Consider a credit card with a balance of $7000. You wish to pay off the credit card in each scenario. Calculate the following. Round your answer to the nearest cent, if necessary.a. The amount of a monthly payment within the time frame givenb. The total amount paid over the time period12. APR of 17.99% paid off within 1 year APR of 24% paid off within 3 yearss You borrow $ 2600 at 6% APR to purchase a computer. You plan to make monthly payments of $28.86 until the loan is paid off. Make an amortization table showing payments over the first three months. Round each answer to two decimal places whenever necessary and use the rounded answers to calculate remaining values. Payment Number 1 2 3 Payment $28.86 $28.86 $28.86 Applied to Interest 1-Prt with t=1/12 $ S Applied to Balance Owed Payment Interest $ s $ Outstanding Balance Amount Borrowed - Amount Applied to Balance $ 2600 $ $ $
- B Use the following data to determine how long it will take to pay fof the balnce if only minimum payments are made Your current balance is $20,000. You may use any method to solve this as long as I can verify your answer. Balance Annual Rate Minimum Percentage Minimum Payment monthly rate 20000 22.00% Month 5.00% $60.00 1.83% Calculate the additional monthly payment required to pay off balance in 7 years. Minimum Payment Interest Principal Total Additional Principal BalanceExercise (1.77) You deposit an amount X into an account at time 0 and 2X into the same account at time 3. The account balance at time 5 is 5,000. If the account has earned a 4% annual effective rate, what is the value of X? Answer: 1,479.35K Suppose that on January 1 you have a balance of $2800 on a credit card whose APR is 17%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1, a Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c What percentage of your total payment from part (b) is interest? a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed)
- Given:account balance:$5,000;account APR=17% please help with 5-8 5. what is the dollar amount paid in interest if the balance is pid off in 24 months,ceteris paribus? 6. how much more will you pay in interest if you make a fixed payment of 4% of the original balnce than if you make the payment required to pay the balance off in 24 months? 7. if the minimum payment is 4% of the oustanding blanace, how many months will it take to pay off the wntire balance if only the minimum oayment is made each month, ceteris paribus? 8. what is the dollar amount paid in interest if the minimum payment ka made each month to pay off the entore balance,ceteris pribus?9. Received P10,000 cash from loan with BPI. The loan have a simple interest of 10% in 1 year and to be paid every month. 9A. Balance sheet approach Particulars/Transactions Debit Credit Additional Information.(can be with or without) Interest expense is different from the principal loan Adjusting entries for BSA Particulars/Transactions Debit Credit 9B. Income Statement Approach Particulars/Transactions Debit Credit Additional Information. (can be with or without) Interest expense is different from the principal loan Adjusting entries in ISA Particulars/Transactions Debit CreditBorrowed $5,000 at a simple interest rate of 10% p.a. and charged interest of $600. What is the time period of the loan? | = P x r x t STEP-BY-STEP Isolate t ...... time period = years Round your final answer to two decimal places.