Question: Robert is repaying a debt with 19 annual end-of-the-year payments of $1,000 each. At the end of the 4th year, he makes an extra payment of $2,000. He then refinances his loan by reducing his remaining payment period by 2 years and making level payments over the remaining time. If the effective rate of interest is 7.1%, what is the amount of his new annual payment

Freddy agreed to make quarterly payments of $781.25 for 4 years on a loan of $10,000. What simple interest rate is he paying?

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.

A couple borrows $935,000 for 7 years for the purchase of a vacation home at interest rate of 7 percent. The loan requires that the interest and principle be paid in equal, annual payments. The interest is determined on the declining balance that is owed. What are the required annual payments on the loan? How much is the principal loan balance reduced by during the first year?

Holden borrows $209,433 from a financial institution with equal end-of-year payments of $24,600. If the annual interest rate is 10%, how long will it take for him to pay the loan and its interest back? 10 years 15 years 20 years 25 years

Answer asap ---  Mary needs to repay a $12,000 debt. Her bank offers personal loans with terms from one to five years at 9.25% per year, compounded monthly. a) Determine the monthly payment for a three-year term  b ) Calculate the total Interest paid on the loan. c) determine marry's payment if she chooses to make bi- weekely payments

Brian received a 15 year loan of $285,000 to purchase a house. The interest rate on the loan was 2.50% compounded semi-annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of the year 2? c. By how much will the amortization period shorten if Brian makes an extra payment of $30,000 at the end of year 2? ____ years ____ months

Steven Riley is borrowing $9,000 for 5 years at 8 percent. Payments are made on a monthly basis, which are determined using the add-on method.   How much total interest will Steven pay on the loan if it is held for the full 5-year term? $   What are Steven's monthly payments? Round the answer to the nearest cent. $   per month How much higher are the monthly payments under the add-on method than under the simple interest method (determined using a calculator or approximated using Exhibit 7.6)? Round the answer to the nearest cent. $   per month

Jerome borrowed 5200 at 8 1/2% for six years compounded semi annually. What is the future value of the loan and how much interest will he pay on the loan

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. The question is: What will be the amount of his monthly amortization?