BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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₱2, 500, 000.00
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₱2, 600, 000.00
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₱2, 700, 000.00
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Using exact interest, what is the amount due (maturity value) on P40, 000.00 invested at 9% simple interest for 150 days?
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Detailed explanation-1: -A down payment is the cash you pay upfront to make a large purchase, such as a home. You use a loan to pay the rest of the purchase price over time. Down payments are usually shown as a percentage of the price. A 10% down payment on a $350, 000 home would be $35, 000.
Detailed explanation-2: -These factors include the total amount you’re borrowing from a bank, the interest rate for the loan, and the amount of time you have to pay back your mortgage in full. For your mortgage calc, you’ll use the following equation: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1].
Detailed explanation-3: -Down payment is calculated using the formula: down payment = down payment percent times purchase price. The down payment percent needs to be converted into a decimal for this calculation.
Detailed explanation-4: -With a 15-year mortgage, your monthly payment on a $200, 000 mortgage at 3.5% jumps to $1, 430. At 5% interest, your payment would be $1, 582.