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Homework Answers
Ques-13)
Loan Amount = $18,000
She secures 36-monthly period loan from manufacturer at 8% per year while from bank at 11.70% commpounded monthly.
a). Calculating the Annual Payment in case of Loan from manufacturer:-
Where, P = Loan AMount = $18,000
r = Periodic Interest rate = 8%/12 = 0.666%
n= no of periods =36
Monthly Payment = $564.05
Interest Charges in Case of Loan from manufacturer= (No of Payments*Annual Payment)- Loan Amount
= (36*$564.05) - $18,000
= $2305.80
b). Calculating the Monthly Payment in case of Loan from Bank:-
Where, P = Loan AMount = $18,000
r = Periodic Interest rate = 11.70%/12 =0.975%
n= no of periods =36
Monthly Payment = $595.28
Interest Charges in Case of Loan From Bank = (No of Payments*Monthly Payment)- Loan Amount
= (36*$595.28) - $18,000
= $3430.08
c). savings = Interest in case of Bank - Interest in case of manufacturer
= $3430.08 - $2305.80
= $1124.28
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