Mathematics
posted by INDIANA
(a)A loan of 12 000 was borrowed from a bank at 14% per annum
Calculate
(i) The interest on the loan at the end of the first year
(ii) The total amount owing at the end of the first year
A repayment of $ 7 800 was made at the start of the second year.
Calculate
(iii) the amount still outstanding at the start of the second year
(iv) the interest on the outstanding amount at the end of the second year
Respond to this Question
Similar Questions

Business Finance
Assume a bank loan requires a interest payment of $85 per year and a principal payment of $1,000 at the end of the loan's eightyear life. a) How much could this loan be sold for to another bank if loans of similar quality carried … 
Mathematics
A loan of 12,000 was borrowed from a bank at 14% per annum. Calculate the interest of the loan at the end of the first year. And the total amount owing at the end of the first year. A repayment was made of 7,800 at the start of the … 
Finance
You just borrowed $15,000 from a bank. If you pay $4,000 at the end of each year over the next 5 years, you will pay off the loan. What is the interest rate on the loan? 
math
A borrower received a 30year ARM mortgage loan for $120,000. Rate caps are 3/2/6 (first adjustment/subsequent adjustments/total over the life of the loan). The start rate was 3.50% and the loan adjusts every 12 months for the life … 
college math
a math student borrowed $9300.00 from his local bank at 7% compounded quarterly to pay for his studies. the loan is to be repaid by equal payments at the end of every quarter over a two year term. a)construct the amortization schedule … 
business mathematics
find the total amount due on a loan of N80,000.00 at 18percent simple interest at the end of 4months. (2)question is find the total amount due on a loan of N600,000.00 at 12percent simple interest at the end of 3years. Pls i need answer 
Mathematics of Finance
Richard borrowed 170000 dollars from his bank to help finance the purchase of a house. The bank charges interest a rate of 8.9 percent per year compounded monthly. Richard has agreed to repay the loan in equal monthly installments … 
Loans
A borrower received a 30year ARM mortgage loan for $120,000. Rate caps are 3/2/6 (first adjustment/subsequent adjustments/total over the life of the loan). The start rate was 3.50% and the loan adjusts every 12 months for the life … 
Math
You need to borrow $20,000 to buy a car. You can only afford to make monthly payments of $200. The bank offers 3 choices: 3year loan at 5%, 4year loan at 6%, and a 5year loan at 7%. a) What’s the monthly payment for each loan? 
Math
Suppose you borrowed $25,000 for a car at an APR of 8%, which you are paying off with monthly payments of $510 for 5 years. a) What’s the loan principal?