(c)Mr. Othman borrowed RM45,000 for five years at an interest
rate of 12%, compounded monthly. Payments...
(c)Mr. Othman borrowed RM45,000 for five years at an interest
rate of 12%, compounded monthly. Payments are made by monthly
instalments. Based on the information given, how much is his
monthly loan payment?
Jesse borrowed $10,000 from Tony at an interest rate of 12% per
year, compounded monthly. Jesse convinced
Tony to allow him to make monthly payments. The first payment
was agreed upon to be $100 and it would be paid
exactly one month after receiving the $1
0,000. Jesse promised Tony that fu
ture monthly payments would increase
by 1% more than the previous payment. Given Jesse’s
monthly payment schedule, the number of months necessary
to completely pay off the loan...
A company borrowed $3,325,000 at an effective rate of 5.15%
(compounded monthly) for 5 years and 6 months. The company will NOT
make any payments on this loan prior to maturity. To make sure it
has the money needed to repay the loan when it comes due, the
company is making deposits into a sinking fund at the beginning of
each week. The sinking fund pays the company 3.11%.
(a) How much will the company need to have at maturity...
A loan is amortized over five years with monthly payments at an
annual nominal interest rate of 6% compounded monthly.
The first payment is 1000 and is to be paid one month from the
date of the loan.
Each succeeding monthly payment will be 3% lower than the prior
payment.
Calculate the outstanding loan balance immediately after the
40th payment is made.
Monthly payments on a $165,000 mortgage are based on an interest
rate of 6.6% compounded semiannually and a 30-year amortization. If
a $5000 prepayment is made along with the thirty-second payment:
(Do not round the intermediate calculations.)
a. How much will the amortization period be shortened? (Round UP
to the next whole number.)
The amortization period will be shortened by years and
month(s).
b.What will be the principal balance after four years? (Round
your answer to two decimal...
What is the nominal rate of interest compounded monthly at which
payments of $200 made at the end of every three months accumulate
to $9200 in eight years?
Show the financial calculator (BA II Plus) steps with
values so I can see how to do the question as they need just the
financial calculations for the midterm (and timeline if
needed).
RM60,000 is borrowed for 12 years at 5% compounded annually. The
borrower does not pay interest currently and will pay all accrued
interest at the end of 12 years together with the principal.
(a) Find the amount annual sinking fund deposit necessary to
liquidate the loan at the end of 12 years if the sinking fund earns
3% yearly compounding and the borrower make first payment
immediately.
(b) Prepared a sinking fund schedule.
Ans: (a) RM 7,371.25
How many monthly payments remain to be paid on an 12% interest
rate mortgage with monthly payments of $733.76, when the balance
outstanding on the mortgage reaches $40,000?
Cooper corporation has borrowed $120,000 from the bank at 8%
annual interest rate, compounded monthly. The company plans to pay
$2000 per month for the first 12 months, and then pay $2500 per
month for the next 12 months. Find the remaining balance of the
loan after 24 months. (Answer: $82655.21)
Please answer in excel format