Below shows the monthly repayment table of a personal instalment loan. Monthly Monthly Repayment Monthly Repayment...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Below shows the monthly repayment table of a personal instalment loan. Monthly Monthly Repayment Monthly Repayment Repayment Amount - Based Amount - Based Amount - Based on every $10,000 on every $10,000 on every $10,000 loan amount (APR) loan amount (APR) loan amount (APR) 12 Months Loan Amount $5,000 - $14,999 Monthly flat rate A B (x%) 24 Months C (y%) Find 1. The monthly flat rate (A). 2. The monthly repayment amount for 12 and 24 months (B and C). 3. The corresponding APRs (x% and y%) (10 marks) 36 Months $301.80 (5.60%) Below shows the monthly repayment table of a personal instalment loan. Monthly Monthly Repayment Monthly Repayment Repayment Amount - Based Amount - Based Amount - Based on every $10,000 on every $10,000 on every $10,000 loan amount (APR) loan amount (APR) loan amount (APR) 12 Months Loan Amount $5,000 - $14,999 Monthly flat rate A B (x%) 24 Months C (y%) Find 1. The monthly flat rate (A). 2. The monthly repayment amount for 12 and 24 months (B and C). 3. The corresponding APRs (x% and y%) (10 marks) 36 Months $301.80 (5.60%)
Expert Answer:
Answer rating: 100% (QA)
ANSWER 1 The monthly flat rate A is 560 2 The monthly repayment amount for 12 months is 3... View the full answer
Related Book For
Principles Of Managerial Finance
ISBN: 978-0136119463
13th Edition
Authors: Lawrence J. Gitman, Chad J. Zutter
Posted Date:
Students also viewed these accounting questions
-
A U.S.-based MNC has a subsidiary in France (local currency, euro, ¬). The balance sheet and income statement of the subsidiary follow. On December 31, 2112, the exchange rate is US$1.20/¬....
-
A debt service fund's condensed trial balance at December 31, 2014 shows the following: Dr (Cr) Cash $1,000,000 Due from water utility (an enterprise fund) 200,000 Short-term investments 9,000,000...
-
In the appendix to the chapter, partial financial statements are presented. Required: 1. What is the institutions largest source of unrestricted revenue? What is the largest source of total revenue?...
-
April Moon set a record in flight shooting. In 1981 in Utah, she sent an arrow a horizontal distance of 950 m. What was the speed of the arrow at the top of the flight if the arrow was launched at an...
-
Zanthum Company uses job-order costing. At the end of the month, the following information was gathered: The beginning balance of Finished Goods was $300, consisting of Job 300 which was not sold by...
-
Identify the causes of changes to projects, and how to control those changes.
-
What is a minute order?
-
A study of the PSA blood test for diagnosing prostate cancer in men (by R. M. Hoffman et al., BMC Family Practice, vol. 3, p. 19, 2002) used a sample of 2620 men who were 40 years and older. When a...
-
The dimensional quantities of interest are the gas density of stationary air, p (kg/m^3), the initial energy of the blast, E (J or kg-m^2-s^-2), the radius of the blast, R (m), and the time from the...
-
Quantify the value that Carter brings to Hope. The purpose of your valuation is to educate the team on figures that will be helpful in developing a bidding strategy. There is a con- sensus that Hope...
-
9. Determine the output of the following Pep/9 machine language program. The left column in each part is the memory address of the first byte on the line: *(a) 0000 C1000A (b) 0000 C10008 0003 06...
-
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below fc the quarter ended March 31: Sales Selling price per pair of skis Variable...
-
Demonstrates the difficulty that can arise in trying to garnish wages for purposes of satisfying a judgment. Big M, Inc., had a judgment against Tiffany Kraus who worked as a server at Texas...
-
Task statements in Functional Job Analysis are rated on their complexity on which three main scales? Explain all these scales with two suitable examples.
-
Cox Electric Electronic components and has estimated the following for a new design of one of its products. Fixed cost $ 1 6 , 1 5 0 Material cost per unit $ 0 . 1 7 Labor cost per unit $ 0 . 1 2...
-
1. ConnPress bought a new $1 million print press. Half of the cost came from its own cash balance and the other half was financed by a bank loan with 5% interest rate. The new press is expected to...
-
Concord Company produces high-quality microscopes for education and health care uses. The company uses a job order costing system. Because the microscopes' optics require significant manual labor to...
-
Write a paper about the Working relationship in the organization- collaboration within and outside the organization
-
An Iowa state savings bond can be converted to $100 at maturity 6 years from purchase. If the state bonds are to be competitive with U.S. savings bonds, which pay 8% annual interest (compounded...
-
What is the payback period? How is it calculated?
-
Your portfolio has three asset classes. U.S. government T-bills account for 45% of the portfolio, large-company stocks constitute another 40%, and small-company stocks make up the remaining 15%. If...
-
How might the three categories of management assertions provide a powerful tool for the financial statement auditor?
-
Summarize the major changes made in ISO 9000-2015.
-
1. E-Z Open Manufacturing Company is a leading maker of manual can openers. In the year just closed, E-Z Open controlled 17.2% of the manual can opener market in North America. That placed the...
Study smarter with the SolutionInn App