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Please anser to the following questions from Engineering Management with step by step calculations Jack wants to borrow $100,000 from the bank now in hope
Please anser to the following questions from Engineering Management with step by step calculations
Jack wants to borrow $100,000 from the bank now in hope that he can return it as a lump sum after 5 years. Since the loan is insecure, the interest rate is \%24 per annum. 1. How much should be repaid (principle +interest) at the end of the 5 years period? (Use only integer value, without decimal points) 2. The bank manager informs Jack that the bank requires some repayments and they cannot wait that long. What would be yearly repayments if an equal amount to be paid so that whole loaned money is paid off? (Use only integer value, without decimal points) 3. What if the money is to be repaid monthly over 5 years? (Use only integer value, without decimal points) Jessica has borrowed $300,000 from a leading bank on 5% annual interest rate. The term of the loan is 20 years. What is the monthly repayment for the loan? The answer is If she wants to repay the loan in 10 years, what would be her monthly repayment? The answer is Jack wants to borrow $100,000 from the bank now in hope that he can return it as a lump sum after 5 years. Since the loan is insecure, the interest rate is \%24 per annum. 1. How much should be repaid (principle +interest) at the end of the 5 years period? (Use only integer value, without decimal points) 2. The bank manager informs Jack that the bank requires some repayments and they cannot wait that long. What would be yearly repayments if an equal amount to be paid so that whole loaned money is paid off? (Use only integer value, without decimal points) 3. What if the money is to be repaid monthly over 5 years? (Use only integer value, without decimal points) Jessica has borrowed $300,000 from a leading bank on 5% annual interest rate. The term of the loan is 20 years. What is the monthly repayment for the loan? The answer is If she wants to repay the loan in 10 years, what would be her monthly repayment? The answer isStep by Step Solution
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