On 2003/11/1, Peter borrowed $8000, agreeing to pay interest at 3.3%/year compounded monthly. He paid $1600 on 2005/5/1 and $2000 on 2008/3/1. He will make two more payments on 2012/3/01 and 2015/10/01, with the payment on 2012/3/01 being 8 times that on 2015/10/01. What payment will he make on 2015/10/01? Remark: Dates are given in the format YYYY/MM/DD. Answer: 0.00275
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- On 2003/11/1, Peter borrowed $8000, agreeing to pay interest at 3.3%/year compounded monthly. He paid $1600 on 2005/5/1 and $2000 on 2008/3/1. He will make two more payments on 2012/3/01 and 2015/10/01, with the payment on 2012/3/01 being 8 times that on 2015/10/01. What payment will he make on 2015/10/01? Remark: Dates are given in the format YYYY/MM/DD.Dave borrowed $1,300 on January 1, 2022. The bank charged him a $5.00 service charge, and interest was $78.20. If Dave paid the $1,300 in 12 equal monthly payments, what was the APR?Andy borrowed P9000 from Randy today and P12000 two years after and made a partial payment of P7000 one year after. It was agreed that the balance of the loan would be amortized by two payments on the 4th and 5th year from the start of transaction, the second being 50% larger than the first, if the interest rate is 12%, what is the amount of each payment?
- Clark borrows $25000 on December 1st 2021. He has to be repaythe amount in 15 equal monthly payments and the rate of interest is 12% convertible monthly.(a) Suppose Clark starts the payment from January 1st 2022. What is Clark’s monthly payment?(b) What is the outstanding principal for Clark at the end of his 4th payment period?(c) If Clark starts making the payment from April 1st 2022 instead of Jan 1st 2022, what will bethe monthly payment made by Clark?Franklin owes the following amounts to the same person: $16,000 due today, $11,500 due in 1¼ years, $17,000 due in 2¾ years, and $15,000 due in 4¼ years. He wants to make a single payment of $56,500 instead. Using an interest rate of 8% compounded quarterly, when should this payment be made?On May 1, 2020, Hazel borrowed a sum of money from Far East Bank , payable for 2 years at 8% simple interest. She paid P6,000 for the interest of her loan. Find how much was borrowed by Hazel.
- Greg owes two debt payments – a payment of $5316 that was due in 13 months ago and a payment of $1553 due in 8 months. If Greg makes a payment now, what would this payment be if money is worth 6.88% compounded semi-annually? Assume a focal date of today.Daniel is expected to settle a loan on March 24th, 2018 by paying $6,500. What amount should he pay if he decides to settle it on June 11th, 2017 instead? The interest rate is 5.46% compounded monthly.Asa Khumalo purchased a vehicle to the value of R224987 today and expects to make repayments for the next 7 years. The bank charges Asa at 12% pa compounded monthly. Asa believes that between months 18 and 21 she will not be able to make payments. What will Asa's new payments be over the remaining term.
- Joseph borrowed an amount of P512,390 and promise to pay every year for 5 years. He paid a fixed amount at the end of first year and the succeeding payments are P980 more than the previous payment. If the interest rate is 11.622% compounded quarterly, determine the following: 1.Interest rate per month,%? 2.Amount paid at the end of 3 years. 3.Amount to be paid at the end of 5 years, if he failed to pay the amount at the end of 3rd and 4th year. 4 Amount paid at the end of 3 years. 5.Amount to be paid at the end of 5 years, if he failed to pay the amount at the end of 3rd and 4th year.Maya borrowed 15, 000 pesos last June 10, 2020, from a lending institution which offered 12% simple interest and she promised to pay on October 10 of the same year. What is the exact time?Dave borrowed $730 on January 1, 2019. The bank charged him a $4.00 service charge and interest was $54.40. If Dave paid the $730 in 12 equal monthly payments, what was the APR? (Enter your answer as a percent rounded to 1 decimal place.) Annual percentage rate %