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A man has a loan which he promised to pay in 18 equal monthly installments of P600. What are monthly installments for 8 months 10 months 12 months and 15 months?
Wiki User
∙ 10y ago
The question can be answered only for the loan with zero interest.
The loan is then 10,800 (18 x 600) that could also be paid by
1350 a month for 8 months
1080 a month for 10 months
900 a month for 12 months
720 a month for 15 months
In the case the loan is not interest free the problem cannot be solved, since there are two unknown variables: a principal amount (an amount borrowed) and an annual interest rate and only one equation.
For instance if you borrow 10,000 with 10% annual interest rate, the loan will be paid off in 18 monthly installments of 600, which corresponds to the question. For the same principal (10,000) and annual interest rate (10%) the loan would have been paid off in:
8 month installments of 1297;
10 month installments of 1046;
12 month installments of 879;
15 month installments of 712.
But you can still have the loan with other pairs of principal and interest rate with 18 monthly installments of 600.
There is a suitable Excel formula PMT too.
Monthly installments can be calculated by formula:
Monthly installment = Principal x {rate + (rate / [(1+rate)months - 1]}
where rate = (annual rate / 12), i.e. 10% => 0,1/12
Wiki User
∙ 10y ago
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Problem in Trigonometry A man has a loan which he promised to pay in 18 equal monthly installments of P600 How much must he have paid in 8 mnths 12 mnths 15 mths and 10 mnths?
That's definitely not trigonometry. A trigonometry problem involves relations between angles and lengths. If the monthly payment is 600, it would seem that in 8 months (for example), you would simply have to multiply 8 x 600.
Is 55 months equal to 3 years and 12 months?
55 months is equal to 4 years and 7 months
How do you calculate three months to equal twelve months?
I would guess 3 months times 4 months would equal 12 months...
How many months equal 531 day's?
how many months equal 531days
6 hours equal how many months?
6 hours equal 0.0013889 months.
What is a loan that is paid in equal monthly installments with a fixed interest rate?
installment credit
What is a loan that is paid in equal monthly installments with a fixed interest rate called?
installment credit
Can you give me an example of a sentence using the word installment meaning one of several parts?
Example sentence - I will pay the loan back to the bank in equal monthly installments over 60 months.
Problem in Trigonometry A man has a loan which he promised to pay in 18 equal monthly installments of P600 How much must he have paid in 8 mnths 12 mnths 15 mths and 10 mnths?
That's definitely not trigonometry. A trigonometry problem involves relations between angles and lengths. If the monthly payment is 600, it would seem that in 8 months (for example), you would simply have to multiply 8 x 600.
If tapley inc borrows 500000 on a 10 add on basis payable over 3 years in 36 equal end of month installments how large would the monthly payments be?
14,000
Linda’s annual salary is $64,000. A total of $16,407.64 will be deducted for taxes and health insurance. She will receive her paycheck monthly in 12 equal installments. How much will she get paid with each paycheck?
The answer is: Do your homework. Don’t look for answers on the internet.
What is the difference between loan and advance?
The main difference between Loan and Advance : the interest component.2. Both Loan and Advance are to be repaid in installments for example: monthly installments of equal amounts.3. In case of Loan, interest is calculated ( Simple or Compound type interest) and the interest amount is recovered at the end.4. Example for Advance: Mr. X working in an organisation. He took $10,000 as advance to be repaid in 10 monthly installments. Monthly recovery from salary is $1,000 . After 10 months, hi repays entire amount .5. Example for Loan: Mr. Y took a Loan of $10,000 with a a simple interest rate of of 12% per year. Monthly installment is $1,000. Accrued Interest is calculated every month on balance principal amount. The recovery chart is as below.Installment Balance Interest Accrued interest 10000 0 1 1000 9000 100 100 2 1000 8000 90 190 3 1000 7000 80 270 4 1000 6000 70 340 5 1000 5000 60 400 6 1000 4000 50 450 7 1000 3000 40 490 8 1000 2000 30 520 9 1000 1000 20 540 10 1000 0 10 550After 10 monthly installments , the interest portion $550 is remaining. This may be repaid at a time. In case of huge loans, the interest amount is recovered in equal installments.The main difference between Loan and Advance : the interest component.2. Both Loan and Advance are to be repaid in installments for example: monthly installments of equal amounts.3. In case of Loan, interest is calculated ( Simple or Compound type interest) and the interest amount is recovered at the end.4. Example for Advance: Mr. X working in an organisation. He took $10,000 as advance to be repaid in 10 monthly installments. Monthly recovery from salary is $1,000 . After 10 months, hi repays entire amount .5. Example for Loan: Mr. Y took a Loan of $10,000 with a a simple interest rate of of 12% per year. Monthly installment is $1,000. Accrued Interest is calculated every month on balance principal amount. The recovery chart is as below.Installment Balance Interest Accrued interest 10000 0 1 1000 9000 100 100 2 1000 8000 90 190 3 1000 7000 80 270 4 1000 6000 70 340 5 1000 5000 60 400 6 1000 4000 50 450 7 1000 3000 40 490 8 1000 2000 30 520 9 1000 1000 20 540 10 1000 0 10 550After 10 monthly installments , the interest portion $550 is remaining. This may be repaid at a time. In case of huge loans, the interest amount is recovered in equal installments.The main difference between Loan and Advance : the interest component.2. Both Loan and Advance are to be repaid in installments for example: monthly installments of equal amounts.3. In case of Loan, interest is calculated ( Simple or Compound type interest) and the interest amount is recovered at the end.4. Example for Advance: Mr. X working in an organisation. He took $10,000 as advance to be repaid in 10 monthly installments. Monthly recovery from salary is $1,000 . After 10 months, hi repays entire amount .5. Example for Loan: Mr. Y took a Loan of $10,000 with a a simple interest rate of of 12% per year. Monthly installment is $1,000. Accrued Interest is calculated every month on balance principal amount. The recovery chart is as below.
What is the between loan and advance?
The main difference between Loan and Advance : the interest component.2. Both Loan and Advance are to be repaid in installments for example: monthly installments of equal amounts.3. In case of Loan, interest is calculated ( Simple or Compound type interest) and the interest amount is recovered at the end.4. Example for Advance: Mr. X working in an organisation. He took $10,000 as advance to be repaid in 10 monthly installments. Monthly recovery from salary is $1,000 . After 10 months, hi repays entire amount .5. Example for Loan: Mr. Y took a Loan of $10,000 with a a simple interest rate of of 12% per year. Monthly installment is $1,000. Accrued Interest is calculated every month on balance principal amount. The recovery chart is as below.Installment Balance Interest Accrued interest 10000 0 1 1000 9000 100 100 2 1000 8000 90 190 3 1000 7000 80 270 4 1000 6000 70 340 5 1000 5000 60 400 6 1000 4000 50 450 7 1000 3000 40 490 8 1000 2000 30 520 9 1000 1000 20 540 10 1000 0 10 550After 10 monthly installments , the interest portion $550 is remaining. This may be repaid at a time. In case of huge loans, the interest amount is recovered in equal installments.The main difference between Loan and Advance : the interest component.2. Both Loan and Advance are to be repaid in installments for example: monthly installments of equal amounts.3. In case of Loan, interest is calculated ( Simple or Compound type interest) and the interest amount is recovered at the end.4. Example for Advance: Mr. X working in an organisation. He took $10,000 as advance to be repaid in 10 monthly installments. Monthly recovery from salary is $1,000 . After 10 months, hi repays entire amount .5. Example for Loan: Mr. Y took a Loan of $10,000 with a a simple interest rate of of 12% per year. Monthly installment is $1,000. Accrued Interest is calculated every month on balance principal amount. The recovery chart is as below.Installment Balance Interest Accrued interest 10000 0 1 1000 9000 100 100 2 1000 8000 90 190 3 1000 7000 80 270 4 1000 6000 70 340 5 1000 5000 60 400 6 1000 4000 50 450 7 1000 3000 40 490 8 1000 2000 30 520 9 1000 1000 20 540 10 1000 0 10 550After 10 monthly installments , the interest portion $550 is remaining. This may be repaid at a time. In case of huge loans, the interest amount is recovered in equal installments.The main difference between Loan and Advance : the interest component.2. Both Loan and Advance are to be repaid in installments for example: monthly installments of equal amounts.3. In case of Loan, interest is calculated ( Simple or Compound type interest) and the interest amount is recovered at the end.4. Example for Advance: Mr. X working in an organisation. He took $10,000 as advance to be repaid in 10 monthly installments. Monthly recovery from salary is $1,000 . After 10 months, hi repays entire amount .5. Example for Loan: Mr. Y took a Loan of $10,000 with a a simple interest rate of of 12% per year. Monthly installment is $1,000. Accrued Interest is calculated every month on balance principal amount. The recovery chart is as below.
Does monthly equal 12?
Monthly means every month.
If Hudson Inc borrows 500000 on a 10 percent add on basis payable in 12 equal end of month installments how large would the monthly payments be?
45833.33 (recurring). In order to get round the recurring decimal, you would require8 payments of 45833.33 and 4 of 45833.34
Is 55 months equal to 3 years and 12 months?
55 months is equal to 4 years and 7 months
How do you calculate three months to equal twelve months?
I would guess 3 months times 4 months would equal 12 months...
