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please answer 2 & 3 pls thank you Solve the following: 1. Bernard purchases a sports car for P5,300,000. He makes P1,000,000 down payment and
please answer 2 & 3 pls thank you
Solve the following: 1. Bernard purchases a sports car for P5,300,000. He makes P1,000,000 down payment and finances the remaining amount for 4 years at an annual interest rate of 8.4%. The sales tax is 6.4% of the selling price. Find the monthly payment. 2. Suppose Francis purchased a car for a total price of P550,000, including taxes, and finance the amount for 3 years at an annual interest rate of 7.5%. (a) Find the monthly payment. (b) What is the total amount of interest paid over the term of the loan? 3. Suppose Antonietta has a five-year car loan at annual interest rate of 9.3% and a monthly payment of P28,100. After 5 years, she decided to purchase a new car. What is the payoff of the loan? 4. Virlyn has a four-year loan at an annual interest rate of 9% and a monthly payment of P27,250. After 1 year, Virlyn decides to purchase a new car. What is the payoff on her loan? 5. Marcon has a two-year loan at an annual interest rate of 9.3% and a monthly payment of P4,120. After 1 year and 6 months, Marcon decides to purchase a motorcycle. What is the payoff on his loan? Chapter 7: The Mathematics of Finance Page 249Step by Step Solution
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