Below shows the monthly repayment table of a personal installment loan. 1. Which method is used...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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%)
Expert Answer:
Answer rating: 100% (QA)
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.
Posted Date:
Students also viewed these finance questions
-
With IP address 88.212.65.35 / 13, create 2000 hosts per subnet. What is the network ID for the 61st subnet? Briefly Explain
-
9 Find two numbers a and b with a b such that has its largest value. a= # (6-5x-x) dz
-
A company recently established a branch to sell its most popular fan. The company purchases these fans and stores them in a warehouse. The fans are then shipped from the warehouse to both the home...
-
When the wavelength of radiation falling on a metal is changed from 500 nm to 200 nm, the maximum kinetic energy of the photoelectrons becomes three times larger. The work function of the metal is...
-
Rewrite the following sorites in standard form, reducing the number of terms when necessary. Then supply the intermediate conclusions and test with Venn diagrams. 1. No B are C. Some D are C. All A...
-
Worldcom Corporation, the second largest telecommunications company in the United States, became the largest bankruptcy in history due to financial reporting irregularities and misstatements of...
-
Why does the natural frequency of a beam become lower if the effects of shear deformation and rotary inertia are considered?
-
Karen Swift is president of an accounting firm that has 10 employees. The only employee benefit provided by the firm is a paid two-week vacation for employees with one or more years of service. The...
-
Economic wealth in the world is considered to be unequal with some countries having more in terms of development and wealth compared to other nations. List three main reasons why countries are...
-
Merline Manufacturing makes its product for $70 per unit and sells it for $144 per unit. The sales staff receives a commission of 10% of sales. Its December Income statement follows. MERLINE...
-
6 If f(x)=x+2, (a) write down in simplest form (i) f(-x) (ii) -f(x) and (ii) f(-x). (b) on the same number plane, neatly sketch and clearly label the functions (i) y = f(x) (ii) y = f(-x) (iii) y =...
-
What is a benefit of using modules? (Choose three.) A. Ability to reuse code B. Clearer dependency management C. Improved performance D. Multithreading support E. Platform independence F. Unique...
-
How many modules are part of the cyclic dependency? A. 0 B. 1 C. 2 D. 3 E. 4 module com.light { exports com.light; } module com.animal { exports com.animal; requires com.light; requires com.plant; }...
-
Which lambda expression cannot be assigned to a DoubleToLongFunction functional interface? A. a -> null==null ? 1 : 2L B. e -> (int)(10.0*e) C. (double m) -> {long p = (long)m; return p;} D. (Double...
-
Which line of code belongs in a service locator? A. ServiceLoader loader = ServiceLoader.load(); B. ServiceLoader loader = ServiceLoader.load(Mouse.class); C. ServiceLoader loader =...
-
What is the output of the following application? A. Hare won the race! is printed first. B. Tortoise won the race! is printed first. C. The code does not compile. D. The code hangs indefinitely at...
-
Use the standard cell potential to calculate the value of the equilibrium constant, K, at 25 C for the following reaction. 2Cu + PtCl- 2Cu+ + PtCl + 2Cl
-
Suppose you are comparing just two means. Among the possible statistics you could use is the difference in means, the MAD, or the max min (the difference between the largest mean and the smallest...
-
Ali Reiners, a new controller of Luftsa Corp., is preparing the financial statements for the year ended December 31, 2011. Luftsa is a publicly traded entity and therefore follows IFRS. As a result...
-
Sport Pro Magazine Ltd. sold 12,000 annual subscriptions on August 1, 2011, for $18 each. Prepare Sport Pros August 1, 2011 transaction entry and the December 31, 2011 annual adjusting entry.
-
On January 1, 2011, Lavery Corporation leased equipment to Flynn Corporation. Both Lavery and Flynn use private enterprise GAAP and have calendar year ends. The following information pertains to this...
-
The information below has been extracted from the financial statements of Supreme Sporting Goods Ltd. Required: a) Calculate the following for years 2024 and 2025: i. the receivables turnover ratio...
-
Josie was absent from her accounting class on inventory valuation. She believes the value of ending inventory is verified by a physical stocktake, but it will only include inventory items held on...
-
Burkinshaw Ltd was established on 1 April 2025 and began by issuing 250000 ordinary shares and 1200008% cumulative preference shares. The preference shares were issued privately at a value of \($4\)...
Study smarter with the SolutionInn App