Question

1. A man has a loan of 50,000 in a bank that gives 12% simple interest. How much is the interest if he plans to pay after 5 years?

2. A man can save 10,000 per month for 2years, If the bank offers 5% compounded monthly, what is n?

3. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly? If he plans to pay after 6months, how much is the interest?

4. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly. How much will he pay quarterly for 5 years if he start paying on the day of his loan?

5. A man has a loan of 50,000 in a bank that gives 12% simple interest. If he plans to pay after 6months, what is t?

6. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly? If he plans to pay after 6months, what is n?

7. A man has a loan of 50,000 in a bank that gives 12% simple interest. If he plans to pay after 6months, what is r (in decimal form)?

8. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded semiannually? If he plans to pay after 6months, what is n?

9. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded semiannually? If he plans to pay after 6months, how much is the interest

10. A man can save 10,000 per month for 2years, If the bank offers 3% compounded monthly, what is r in decimal form?

11. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded monthly. if he can only pay 1500 every month, how many payments will he make?

12. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded monthly? If he plans to pay after 6months, what is n?

13. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded semiannually? If he plans to pay after 6months, what is t (in fraction form NOT in simplest form)?

14. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly. How much will he pay every 3 months for 5years?

15. A man can save 10,000 per month for 2years, how much will his money be if the bank offers 5% compounded monthly?

16. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded annually. How much will he pay yearly for 5years?

17. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly? If he plans to pay after 6months, how much is the interest?

18. A man has a loan of 50,000 in a bank that gives 12% simple interest. If he plans to pay after 6months, how much will he pay?

19. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly. He plans to pay every 3months for 5 years. what is r in decimal form?

20. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly. He plans to pay every 3months for 5 years. what is n?

Answer 1

1. A man has a loan of 50,000 in a bank that gives 12% simple interest. How much is the interest if he plans to pay after 5 years?

Interest amount = Principal amount * Simple interest rate * number of years

Interest amount = 50,000 * 0.12 * 5

Interest amount = $30,000

2. A man can save 10,000 per month for 2years, If the bank offers 5% compounded monthly, what is n?

n = 2 years * number of months in each year

n = 2 * 12

n = 24

3. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly? If he plans to pay after 6months, how much is the interest?

Quarterly rate, r = 12%/4 = 3%

n = 6 months or 2 quarters

Interest = Loan amount * (1 + r)^n - Loan amount

Interest = 50,000 * (1 + 0.03)^2 - 50,000

Interest = 53,045 - 50,000

Interest = $3,045

4. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly. How much will he pay quarterly for 5 years if he start paying on the day of his loan?

Set the calculator to BGN mode

PV = 50,000

N = 5 * 4 = 20 quarters

I/Y = 12%/4 = 3% per quarter

I/Y = 3

FV = 0

CPT PMT

PMT = $3,262.90

Quarterly payment is $3,262.90