Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use simple interest and compound interest separately for each question 1. The bank issued a loan of UAH 1 million. for 9 months at a

(Use simple interest and compound interest separately for each question)

1. The bank issued a loan of UAH 1 million. for 9 months at a rate of 20 % per annum. Determine the amount that is repaid and the amount of interest on the loan.

2. Credit in the amount of 500 thousand UAH. It was taken on September 12, 2004 with a maturity of 10.06.2004 at the rate of 20% per annum. Determine the amount of interest on the loan.

3. Under the terms of the loan agreement, the rate of simple interest in the first month of the loan was 12%, and in each subsequent month increased by 3 points. Determine the amount of interest on the loan amount of UAH 800 thousand. taken for 9 months.

4. The bank issued a loan of UAH 10 million. For 3 years at a difficult annual rate of 60% per annum with a repayment of a one -time payment. Determine the amount that is repaid and the amount of interest on the loan.

5. The Bank issues long -term loans at a complex rate of 40% per annum. Determine the amount of interest for a loan of UAH 2 million, which is repaid in a one -time payment in 3.5 years.

6. The borrower intends to take a loan of 400 thousand UAH. With the expense of its amount 1 million UAH. The interest rate on loans is 19%. Determine how many days you can take a loan (estimated number of days per year 365).

Step by Step Solution

3.35 Rating (170 Votes )

There are 3 Steps involved in it

Step: 1

1 Simple Interest The interest on the loan is calculated using the formula I P r t Where P principal amount UAH 1 million r rate of interest per annum 20 t time in years 912 years 075 years I 1000000 ... 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

Principles of Finance

Authors: Scott Besley, Eugene F. Brigham

6th edition

9781305178045, 1285429648, 1305178041, 978-1285429649

More Books

Students also viewed these Finance questions

Question

Solve the following proportions for the unknown quantities

Answered: 1 week ago