Don't enter this thread if you aren't a genius - Education - Nairaland
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| Don't enter this thread if you aren't a genius by Nobody: 3:55pm On Sep 06, 2015 |
What is the constant monthly payment to completely amortise a loan of N450,000 over a period of 5 years if the interest rate is 24% per annum? show all workings Cc: lalasticlala walexy30 prinzayf friedplantain |
| Re: Don't enter this thread if you aren't a genius by gottliebglobal(m): 4:17pm On Sep 06, 2015 |
450,000.00 × 24% = 108,000.00 Total amount owed = Principal, 450,000.00 Interest @ 108,000.00 × 5 = 540,000.00 Principal + Interest = 990,000.00 990,000.00 ÷ 60 months = 16,500.00 Monthly payments = 16,500.00 1 Like |
| Re: Don't enter this thread if you aren't a genius by Nobody: 5:03pm On Sep 06, 2015 |
Formular for calculating Loan Amortization is M= A[1-(1+r)^-n]/r Where M= Principal Loan A= Annual instalment R= rate N=number of period We need to first analyze the rate and the number of years on a monthly basis. Therefore, r= 0.24/12 =0.02 While n= n*m = 5years * 12 months =60 months. 450,000= A[1-(1+0.02)^-60]/0.02 450,000=34.76088A A=12, 945. 59 So, the monthly instalmental payment for the loan would be N12,945.59 and the Total loan payment i.e both Principal + interest would be N12,945.59 × 60 months = N776,735.27. Principal payment would be N450,000 While interest payment = N326,735.27 But may we look am with sense, the interest money plenty small sha o  Chai, Nigerians don suffer. Cc: sureguy02 the lecturer Whizqueen the financial analyst, oya come and solve this question oo.  Friedplantain 2 Likes 1 Share |
| Re: Don't enter this thread if you aren't a genius by Nobody: 5:17pm On Sep 06, 2015 |
gottliebglobal:Chai Bros you try, obviously you go Sabi maths well but have you ever heard about the concept called 'compound interest'?  |
| Re: Don't enter this thread if you aren't a genius by Nobody: 5:35pm On Sep 06, 2015 |
Sureguy02, you might wanna change the title of your thread, this current one is not catchy enough.  |
| Re: Don't enter this thread if you aren't a genius by whizqueen(f): 6:41pm On Sep 06, 2015 |
Sorry. .. . Answer came in late. My brain works well only at night  Find the attached photo Cc FriedPlantain 1 Like
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| Re: Don't enter this thread if you aren't a genius by prinzayf(m): 8:29pm On Sep 06, 2015 |
FriedPlantain:seconded |
| Re: Don't enter this thread if you aren't a genius by Nobody: 8:54pm On Sep 06, 2015 |
Ednut1, oya come and help us solve this sh1t oo, Eyin igi iwe. |
| Re: Don't enter this thread if you aren't a genius by ednut1(m): 9:03pm On Sep 06, 2015 |
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| Re: Don't enter this thread if you aren't a genius by Nobody: 9:34pm On Sep 06, 2015 |
The question doesn't look complicated though. |
| Re: Don't enter this thread if you aren't a genius by haibe(m): 10:37pm On Sep 06, 2015 |
sureguy02: Nothing complicated, present value of ordinary annuity formular will do. We have the present value of the future cash outflows to be N450,000 discounted with 0.24 interest rate and compounded monthly. PVA=A(1-(1+r)^-n)/r 450000=A (1-(1.02)^-60)/0.02 We know Pv, so solve for A (the monthly installment), na simple maths, I will get the answer when am home.. |
| Re: Don't enter this thread if you aren't a genius by whizqueen(f): 11:43pm On Sep 06, 2015 |
Seems my answer and FriedPlantain 's own is same. Then I guess it's the correct answer. the question is quite easy tho  |
| Re: Don't enter this thread if you aren't a genius by Nobody: 11:57pm On Sep 06, 2015 |
whizqueen:copy copy.  Your handwriting is horrible though.  |
| Re: Don't enter this thread if you aren't a genius by whizqueen(f): 12:04am On Sep 07, 2015 |
FriedPlantain:Lets see your own writing. I can bet it's worse. We gat discuss o Mr. |
| Re: Don't enter this thread if you aren't a genius by Nobody: 12:08am On Sep 07, 2015 |
whizqueen:You are a beautiful lady but my handwriting still looks more beautiful than you. What are we discussing? Are you finally ready to accept my marriage proposal? |
| Re: Don't enter this thread if you aren't a genius by whizqueen(f): 12:16am On Sep 07, 2015 |
FriedPlantain:You're rude how can you compare my dazzling face coupled with my chubby cheeks to your terrible looking handwriting that's like ese tailor *tailor's leg*I can't accept. Not until your account runs in billions PM. I need acca practice questions and an amazingly intelligent super cute tutor to put me through. I don't mind paying |
| Re: Don't enter this thread if you aren't a genius by gottliebglobal(m): 12:41am On Sep 07, 2015 |
FriedPlantain:Wasn't thinking of that at that moment, you r correct |
| Re: Don't enter this thread if you aren't a genius by iameugene(m): 12:43am On Sep 07, 2015 |
What if im a genius and i dont know im a genius or what if im not a genius and i think im a genius wait what did i type?? I dont even understand what i said im confused but wait o i now understand but at the same time i dont hmmm im a genius  1 Like |
| Re: Don't enter this thread if you aren't a genius by slimiejazz(m): 9:50am On Sep 07, 2015 |
This question is so easy na even JSS student go solve am |
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