i need both soluton 42. On January 1, 2023, Michael borrowed P12,000 and agreed to repay it with P4,650.70. If the periodic interest is 6%, whatamount must he repay? Assume quarterly compounding. Round your final answer to the nearest hundredth.P. P16,650.70H. P16,560.70E. P15,560.70N. P15,650.70X. None of the choices.O. P14,650.701. P14,560.7043. Referring to item 42, on what date should Andre repay the amount he borrowed? Use the Banker's Rule.C. June 27, 2028D. June 28, 2028U. June 27, 2024W. June 28, 20241. May 25, 2024S.May 26, 2024E. None of the choices

Let's dissect each query and offer a more thorough justification. 42. Michael pledged to repay…

Answered: 42. On January 1, 2023, Michael…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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5. Mr. Eden borrows from the bank P600, 000 at 12% pa compounded quarterly, agreeing to pay the loan in 10 equal quarterly payments. What should the quarterly payments be if the first payment is to be made 15 months from now? Select the correct response: O . P79,166.38 O P50,259.95 O P56,568.01 O P53,320.78
Joshua borrowed P250,000.00 with interest at the rate of 5% compounded semi-annually. He agrees to discharge his obligation by paving a series of 8 equal semi-annual payments, the first being due at the end of 5 1/2 years. Find the semi-annual payment. O a. P68,006.38 O b P63,006.38 О с. P63,060.38 O d. P63,600.38
A man borrows S195,500 from a bank with interest at 7% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 yearh. Find the annual payments. S60,203 b. S60,354 4. $60,487 d. S60,589 e. $60,758
In order to solve this question, would I use the compounded monthly formula and then subtract the balance between the difference? 36. If $50,000 is borrowed for a home mortgage, to be repaid at 10% interest over 30 years, what is the remaining loan balance after 20 years? Assume monthly payments are made. a. $50,000b. $42,957 c. $32,590 D. $33,203e. $20,651
13. A businessman borrowed P750,000 with interest at a rate of 7% compounded semi- annually. He agrees to discharge his obligation by paying a series of 6 equal semi-annual payments, the first being due at the end of 6 ½ years. Find the semi-annual payment?
Mr. Eden borrows from the bank P600,000 at 12% pa, agreeing to pay the loan in 15 equal quarterly payments. What should the payments be if the first payment is to be made six months from now?a. P51,767.74 b. P P54,920.40 c. P53,320.78 d. P56,568.01
37. Annuity Due. (LO5-3) a. If you borrow $1,000 and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will your payment be? b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?
17. DETAILS HARMATHAP12 6.5.017. MY NOTES The problem describes a debt to be amortized. (Round your answers to the nearest cent.) A man buys a house for $350,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 8 years. The interest rate on the debt is 11%, compounded semiannually. (a) Find the size of each payment. $ (b) Find the total amount paid for the purchase. 2$ (c) Find the total interest paid over the life of the loan. 2$ 3:06 AM P Type here to search 6回中 12/5/2020
Yoda wrote a non-interest bearing promissory note for 32050 that will mature in 12 years and 6 months. What are the proceeds of the note if money is worth 8.9% compounded quarterly? END/BEG P/Y C/Y N 1/Y PV PMT FV
9. Implied interest rate and period Consider the case of the following annuities, and the need to compute either their expected rate of return or duration. Matthew needed money for some unexpected expenses, so he borrowed $3,900.55 from a friend and agreed to repay the loan in four equal installments of $1,100 at the end of each year. The agreement is offering an implied 5% -5.90% 4.35% interest rate of 6.75% Matthew's friend, Gregory, has hired a financial planner for advice on retirement. Considering Gregory's current expenses and expected future lifestyle changes, the financial planner has stated that once Gregory crosses a threshold of $4,136,860 in savings, he will have enough money for retirement. Gregory has nothing saved for his retirement yet, so he plans to start depositing $40,000 in a retirement fund at a fixed rate of 5.00% at the end of for Gregory to reach his retirement goal. each year. It will take 137.30yes 50.36 yes 46.63 yes 31.71 yes
simple interest1. Sassy borrowed P 10,500 on Nov. 6, 2020 to be repaid on April 11, 2021 at 15.3% interest in a year. How much will the interest be? Find the amount to be paid on the maturity date
Theodore D. Kat is applying to his credit union for a mortgage of $200,000. The bank has quoted 8% an interest rate. He would pay off the mortgage over 25- years (amortization period) and make a payment at the end of each month. А. Calculate EAR (1/100 of one percent, no %, e.g. 9.35) В. How much are Theodore's monthly payments?

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