Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Barbie and Ken agrees to lend Dora money in exchange of monthly payments of P=P5,000 beginning Mar. 14, 2023 until Feb.14, 2024. Money is worth

image text in transcribed

Barbie and Ken agrees to lend Dora money in exchange of monthly payments of P=P5,000 beginning Mar. 14, 2023 until Feb.14, 2024. Money is worth 7.2% payable monthly. (1) How much is did Dora borrowed today? (2) Dora failed to settle all monthly dues scheduled but Barney's collection agency who represents Ken and Barbie waives penalties due to payment default and allowed her to settle all amount dues plus interest on May 14, 2024. How much is the total amount due that she should settle with Barney? (3) Dora wishes to pay Ken and Barbie in one lump sum amount on August 14, 2023. How much in total is she allowed pay on that day to discharge the entire loan? (4) Dora decided to continue the payment thru Sept. 14, 2023. How much is her remaining payments due after this 9/14 payment? (5) How much must Dora pay instead of P5,000 monthly, if she wishes to borrow P60,000 from Ken and Barbie on Dec. 14, 2022? Barbie and Ken agrees to lend Dora money in exchange of monthly payments of P=P5,000 beginning Mar. 14, 2023 until Feb.14, 2024. Money is worth 7.2% payable monthly. (1) How much is did Dora borrowed today? (2) Dora failed to settle all monthly dues scheduled but Barney's collection agency who represents Ken and Barbie waives penalties due to payment default and allowed her to settle all amount dues plus interest on May 14, 2024. How much is the total amount due that she should settle with Barney? (3) Dora wishes to pay Ken and Barbie in one lump sum amount on August 14, 2023. How much in total is she allowed pay on that day to discharge the entire loan? (4) Dora decided to continue the payment thru Sept. 14, 2023. How much is her remaining payments due after this 9/14 payment? (5) How much must Dora pay instead of P5,000 monthly, if she wishes to borrow P60,000 from Ken and Barbie on Dec. 14, 2022

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Technical Analysis Of Stock Trends

Authors: Robert D. Edwards, John Magee, W.H.C. Bassetti

11th Edition

ISBN: 1032241829, 978-1032241821

More Books

Students also viewed these Finance questions