Marcus is expected to settle a loan by paying $6,000. What amount should he pay if he decides to settle the loan six months earlier? The interest rate is 2.25% compounded monthly. Round to the nearest cent
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- Dustin currently owes $6,000 to a friend who is charging him interest of 1.90% p.m. He is required to settle the loan with two equal payments, one today and the other in seven months. Calculate the size of the payments using seven months as the focal date. Include a well-labelled timeline diagram. Write out and submit your complete solution. Round to the nearest centFor how long will Zack have to make payments of $114.00 at the end of every six months to repay a loan of $3460.00 if interest is 4% compounded semi-annually? State your answer in years and months (from 0 to 11 months). Zack will have to make payments for ☐ year(s) and ☐ month(s).Pedro borrows P300,000.00 from lender ABC today at 12% compounded monthly. To fulfill his obligation to repay the loan, Pedro agreed to start paying the six (6) equal monthly payments starting next month. What will be the amount of his monthly amortization? Construct an amortization schedule. Use a table similar to that found in our textbook. What will be the outstanding balance of his loan at the end of 4 months from today? If Pedro failed to pay the 2nd and 3rd monthly amortization, how much shall he the required single payment on the fifth month in order to fully pay his outstanding obligation? Supposed that he will still not be able pay the single total payment on the Fifth month as stated in question d. above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly…
- Luis is expected to settle a loan by paying $5,500. What amount should she pay if she decides to settle the loan seven months earlier? The interest rate is 3.25% compounded monthly.jackal promises to pay 1000 at the end of 6 months in obtaining a loan from a banker b who charges 6% interest in advance. find the rate at which jackal pays interest on loan.Juan owes $10,000 to a friend who is charging him simple interest of 3.50% p.a. He is required to settle the loan with two equal payments, one today and the other in four months. Calculate the size of the equal payments using four months as the focal date. $0.00 Round to the nearest cent
- For how long will Markus have to make payments of $116 at the end of every month to repay a loan of $3340 if intere is 4% per annum compounded semi-annually? State your answer in years and months (from 0 to 11 months). He will have to make payments for year(s) and month(s).Tom is going to borrow $20000 at an interest rate of 5.25% p.a. calculated quarterly. Tom will make end-of-month repayments for 2 years. The effective rate for this loan is Reff = 0.0043559977 What will be Tom's monthly payment amount? Give your answer to the nearest penny.Margo borrows $600, agreeing to pay it back with 7% annual interest after 15 months. How much interest will she pay? Round your answer to the nearest cent, if necessary. A
- Pedro borrows P300,000.00 from lender ABC today at 12% compounded monthly. To fulfill his obligation to repay the loan, Pedro agreed to start paying the six (6) equal monthly payments starting next month. a. What will be the amount of his monthly amortization? b. Construct an amortization schedule. Use a table similar to that found in our textbook. c. What will be the outstanding balance of his loan at the end of 4 months from today? d. If Pedro failed to pay the 2nd and 3rd monthly amortization, how much shall be the required single payment on the fifth month in order to fully pay his outstanding obligation? e. Supposed that he will still not be able pay the single total payment on the Fifth month as stated in question d. above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly installment be?alfred desires 9000 as the proceeds of a 90 day loan from b who charges 5% interest in advance. what sum will alfred pay at the end of 90 days?Pedro borrows P300,000.00 from lender ABC today at 12% compounded monthly. To fulfill his obligation to repay the loan, Pedro agreed to start paying the six (6) equal monthly payments starting next month. a. What will be the amount of his monthly amortization? b. Construct an amortization schedule. Use a table similar to that found in our textbook. c. What will be the outstanding balance of his loan at the end of 4 months from today? d. If Pedro failed to pay the 2nd and 3rd monthly amortization, how much shall be the required single payment on the fifth month in order to fully pay his outstanding obligation? e. Supposed that he will still not be able pay the single total payment on the Fifth month as stated in question d. above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly installment be?…