Below shows the monthly repayment table of a personal installment loan. 1. Which method is used...
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Below shows the monthly repayment table of a personal installment loan. 1. Which method is used to calculate the monthly payment? Explain. 2. What is the monthly flat rate for a loan amount over HK$700,000 ? 3. What are the 24-month repayment amount and the APR based on every HKD10,000 loan amount? Loan Amount (HKD) HKD5,000 - HKD49,999 HKD50,000 - HKD149,999 HKD150,000 - HKD499,999 HKD500,000 - HKD699,999 HKD700,000 or above Monthly flat rate 0.41% 0.24% 0.20% 0.15% ??? Monthly Repayment Amount - Based on every HKD10,000 loan amount (APR) 12 Months 24 Months 36 Months 48 Months 60 Months HKD874.40 (9.34%) HKD857.40 (5.40%) HKD853.40 (4.49%) HKD848.40 (3.36%) HKD845.40 (2.68%) HKD457.70 (9.57%) HKD440.70 (5.57%) HKD318.80 (9.56%) HKD301.80 (5.60%) HKD436.70 HKD297.80 (4.64%) (4.67%) ??? HKD249.40 (9.49%) HKD232.40 (5.59%) HKD228.40 (4.66%) HKD431.70 HKD292.80 HKD223.40 (3.47%) (3.50%) (3.50%) HKD289.80 HKD220.40 (2.80%) (2.81%) HKD207.70 (9.40%) HKD190.70 (5.56%) HKD186.70 (4.65%) HKD181.70 (3.50%) HKD178.70 (2.81%) Below shows the monthly repayment table of a personal installment loan. 1. Which method is used to calculate the monthly payment? Explain. 2. What is the monthly flat rate for a loan amount over HK$700,000 ? 3. What are the 24-month repayment amount and the APR based on every HKD10,000 loan amount? Loan Amount (HKD) HKD5,000 - HKD49,999 HKD50,000 - HKD149,999 HKD150,000 - HKD499,999 HKD500,000 - HKD699,999 HKD700,000 or above Monthly flat rate 0.41% 0.24% 0.20% 0.15% ??? Monthly Repayment Amount - Based on every HKD10,000 loan amount (APR) 12 Months 24 Months 36 Months 48 Months 60 Months HKD874.40 (9.34%) HKD857.40 (5.40%) HKD853.40 (4.49%) HKD848.40 (3.36%) HKD845.40 (2.68%) HKD457.70 (9.57%) HKD440.70 (5.57%) HKD318.80 (9.56%) HKD301.80 (5.60%) HKD436.70 HKD297.80 (4.64%) (4.67%) ??? HKD249.40 (9.49%) HKD232.40 (5.59%) HKD228.40 (4.66%) HKD431.70 HKD292.80 HKD223.40 (3.47%) (3.50%) (3.50%) HKD289.80 HKD220.40 (2.80%) (2.81%) HKD207.70 (9.40%) HKD190.70 (5.56%) HKD186.70 (4.65%) HKD181.70 (3.50%) HKD178.70 (2.81%)
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SOLUTION 1 The method used to calculate the monthly payment for this personal installment loan is the flat rate method The flat rate is the interest r... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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