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1) Eliza bought a television at RM5,500 by instalment payments. She paid 20% for the down...
3) Angeline bought an RM8,000 hi-fi set through an instalment plan. She has to pay RM4,000...
3) Angeline bought an RM8,000 hi-fi set through an instalment plan. She has to pay RM4,000 down payment and 10 monthly payments of RM450 each. By using the Constant Ratio formula, find: a) The total interest charged. (2m) b) The instalment price. (2m) c) The simple interest rate charged. (2m) d) The approximate effective rate. (2m) 4) A loan of RM5,000 for 20 months at 10% per annum simple interest rate was settled by making 20 monthly payments. Find the...
1. Diana bought a RM5,888 karaoke set on an instalment basis in which she made a...
1. Diana bought a RM5,888 karaoke set on an instalment basis in which she made a RM888 down payment. To settle the balance, she has to pay RM1,000 every month for the principal payment plus interest of 1% per month on any unpaid balance. Construct a repayment schedule to show her monthly payments. 2.A man purchased a car selling for RM12,750 by making instalment payments. If he was charged 4% based on the reducing balance and the total interest paid...
1) A loan of RM 10,000 at a flat rate of 10% per annum was repaid...
1) A loan of RM 10,000 at a flat rate of 10% per annum was repaid by making 24 monthly instalment.Find A) the total interest charged, B)the monthly payment,and C)the outstanding loan just after the tenth payment using the rule of 78.
Jill bought a $720 rocking chair. The terms of her revolving charge are 1% on the...
Jill bought a $720 rocking chair. The terms of her revolving charge are 1% on the unpaid balance from the previous month. If she pays $100 per month, complete a schedule for the first 3 months. Be sure to use the U.S. Rule. (Round your final answers to the nearest cent.) Monthly payment number Outstanding balance due 1.0% Interest payment Amount of Reduction in monthly payment balance due Outstanding balance due
On September 1, 2013, Susan Chao bought a motorcycle for $36,000. She paid $1,000 down and...
On September 1, 2013, Susan Chao bought a motorcycle for $36,000. She paid $1,000 down and financed the balance with a five-year loan at an APR of 7.8 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (i.e., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a 1 percent prepayment penalty based on...
On September 1, 2013, Susan Chao bought a motorcycle for $23,000. She paid $1,200 down and...
On September 1, 2013, Susan Chao bought a motorcycle for $23,000. She paid $1,200 down and financed the balance with a five-year loan at an APR of 6.5 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (i.e., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a 2 percent prepayment penalty based on the...
On September 1, 2013, Susan Chao bought a motorcycle for $36,000. She paid $1,000 down and...
On September 1, 2013, Susan Chao bought a motorcycle for $36,000. She paid $1,000 down and financed the balance with a five-year loan at an APR of 7.8 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (i.e., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a 1 percent prepayment penalty based on...
On September 1, 2018, Susan Chao bought a motorcycle for $34,000. She paid $1,100 down and...
On September 1, 2018, Susan Chao bought a motorcycle for $34,000. She paid $1,100 down and financed the balance with a five-year loan at an annual percentage rate of 7.6 percent compounded monthly. She started the monthly payments exactly one month after the purchase (i.e., October 1, 2018). Two years later, at the end of October 2020, Susan got a new job and decided to pay off the loan. If the bank charges her a 1 percent prepayment penalty...
On September 1, 2013, Susan Chao bought a motorcycle for $24,000. She paid $1,100 down and...
On September 1, 2013, Susan Chao bought a motorcycle for $24,000. She paid $1,100 down and financed the balance with a five-year loan at an APR of 6.6 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (i.e., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a 1 percent prepayment penalty based on...
On September 1, 2013, Susan Chao bought a motorcycle for $22,000. She paid $1,000 down and...
On September 1, 2013, Susan Chao bought a motorcycle for $22,000. She paid $1,000 down and financed the balance with a five-year loan at an APR of 6.4 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (i.e., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a 1 percent prepayment penalty based on...
3) Angeline bought an RM8,000 hi-fi set through an instalment plan. She has to pay RM4,000 down payment and 10 monthly payments of RM450 each. By using the Constant Ratio formula, find: a) The total interest charged. (2m) b) The instalment price. (2m) c) The simple interest rate charged. (2m) d) The approximate effective rate. (2m) 4) A loan of RM5,000 for 20 months at 10% per annum simple interest rate was settled by making 20 monthly payments. Find the...
Jill bought a $720 rocking chair. The terms of her revolving charge are 1% on the unpaid balance from the previous month. If she pays $100 per month, complete a schedule for the first 3 months. Be sure to use the U.S. Rule. (Round your final answers to the nearest cent.) Monthly payment number Outstanding balance due 1.0% Interest payment Amount of Reduction in monthly payment balance due Outstanding balance due
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