2024 – You borrow 35000 today The loan is repaid over sixty months with monthly repayments
Finance Homework – 2024
.You borrow $35000 today. The loan is repaid over sixty months with monthly repayments. What is the size of each repayments if the interest rate is 8% p.a. compounded monthly?
a)7140.62
b)2827.93
c)709.67
d)8765.96
Answer with workings please
2.You borrow $1000 from a payday lending company and pay $20 interest for one month. What is the effective rate?
a)26.82%
b)24%
c)126.82%
d)0.27%
Please answer with workings.
3.You borrow $100000. The loan requires half-yearly repayments over 5 years at a rate of 4% p.a. compounded semi-anually. What amount of principal is paid in the first six months?
a)11132.65
b)4000
c)9132.65
d)22462.71
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