Personal Finance Game 3
Application Game ! (100 points)
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Topics of this game:
- Mr. Adrian is buying a new truck for his business worth PhP 750,000. He will make a 50 percent down payment. How much will the monthly payment be if the loan is payable in three years and has an interest of 9 percent per year on an add on interest basis?
- Mr. Andrel is buying a refrigerator which costs PhP 15,000 if they pay by credit card in 1 month. He can withdraw from his time deposit and pay for the refrigerator in cash. The salesman said the refrigerator's price is PhP 14,100 on a cash basis. If the time deposit earns 8% per year, how much will he saves if he withdraws (tax is 20%)?
- Nelger needs to raise PhP50,000 as capital for her home bakeshop business. Mrs. O is willing to lend her money on a discounted interest basis. The loan is for one year and the interest rate is 16 percent. How much cash will she receive if she gets the loan from Mrs. O?
- Arnel needs to raise PhP50,000 as capital for her home bakeshop business. Mrs. Dina is willing to lend her money on a Discounted Interest basis. The loan is for one year and the interest rate is 16 percent. What is the Effective Interest Rate will Arnel get if she gets the loan from Mrs. Dina?
- How much interest will the businessman Mr. Aldrich pays if he borrows PhP 50,000 for one year at 4 percent interest per month using the simple interest method?
- Mr. Wilfredo borrows PhP 50,000 for one year at 4 percent interest per month using the add-on interest method. How much is the Effective Interest Rate he is going to pay for?
- Mr. Andrew borrows PhP 50,000 for one year at 4 percent interest per month using the discount interest method . What is the Effective Interest Rate he is going to pay?
- How much is the Effective Interest Rate will the businessman Mr. Alpha pays if he borrows PhP 50,000 for one year at 4 percent interest per month using the simple interest method?
- What is the effective interest rate if Ms. Ziarel borrowed PhP 5,000 at the beginning of the week and was asked to pay back PhP6,000 at the end of the week?
- Nick decided to borrow PhP 100,000 for one year at an interest rate of 8 percent on a discounted interest basis. How much should be the Loan Amount to borrow so that Nick can get the exact amount of Php 100,000 on a discounted interest method?
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