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Thread: What are the ways to solve these finance problems?

  1. #1

    Unhappy What are the ways to solve these finance problems?

    1. Ms. Nara had a P55,000 business loan that is to be paid in 8 months. If
    interest rate is 12% compounded monthly, how much should be paid after 8
    months?


    2. A consumer loan of P80,000 is obtained that is due 3 months from now. If interest
    rate is 8% compounded quarterly, how much should be paid?


    3. For the purchase of an SUV worth P1,200,000, the bank requires a minimum
    amount of 20% down payment, find the mortgaged amount.


    4. For the purchase of a farm , the bank requires a 30% down payment . How much
    is the mortgaged amount if the cash value of the farm is P3,500,000?


    5. Suppose that a condominium unit is purchased for P2,800,000 and the bank
    requires 30% down payment, how much is the mortgaged amount?


    6. A house and lot has a cash value of P600,000. The bank offers a minimum
    amount of 25% down payment. How much is the loan or the mortgaged amount?


    7. A family obtained a P4,500,000 mortgage. If the monthly payment is P50,000 for
    12 years, how much is the total interest paid?


    8. For a purchase of a P700,000 car, the monthly amortization is P20,500 for 4
    years. How much is the total interest?


    Please, use basic terminologies as much as possible. I need your help!

  2. #2
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  3. #3
    Elite Member stapel's Avatar
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    Quote Originally Posted by IEvolve View Post
    1. Ms. Nara had a P55,000 business loan that is to be paid in 8 months. If interest rate is 12% compounded monthly, how much should be paid after 8 months?
    Plug the given information into the compound-interest formula they gave you. Simplify to find the answer.

    Quote Originally Posted by IEvolve View Post
    2. A consumer loan of P80,000 is obtained that is due 3 months from now. If interest rate is 8% compounded quarterly, how much should be paid?
    See comment for (1).

    Quote Originally Posted by IEvolve View Post
    3. For the purchase of an SUV worth P1,200,000, the bank requires a minimum amount of 20% down payment, find the mortgaged amount.
    What is 80% (that is, what is 4/5) of the given amount? (Hint: Multiply.)

    Quote Originally Posted by IEvolve View Post
    4. For the purchase of a farm , the bank requires a 30% down payment . How much is the mortgaged amount if the cash value of the farm is P3,500,000?
    See comment for (3).

    Quote Originally Posted by IEvolve View Post
    5. Suppose that a condominium unit is purchased for P2,800,000 and the bank requires 30% down payment, how much is the mortgaged amount?
    See comment for (3).

    Quote Originally Posted by IEvolve View Post
    6. A house and lot has a cash value of P600,000. The bank offers a minimum amount of 25% down payment. How much is the loan or the mortgaged amount?
    See comment for (3).

    Quote Originally Posted by IEvolve View Post
    7. A family obtained a P4,500,000 mortgage. If the monthly payment is P50,000 for 12 years, how much is the total interest paid?
    How much is paid? (Hint: Multiply.)

    How much of this is an overage above the purchase price? (Hint: Subtract.)

    How much then was interest?

    Quote Originally Posted by IEvolve View Post
    8. For a purchase of a P700,000 car, the monthly amortization is P20,500 for 4 years. How much is the total interest?
    See comment for (7).

    Quote Originally Posted by IEvolve View Post
    Please, use basic terminologies as much as possible.
    Surely they used "basic terminology" in your textbook and in your classroom lectures...? Or are you saying that you've never studied any of this? Because, if the latter, then your first step should probably be to enroll in a sequence of courses at your local college or university.

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