| University | National University of Singapore (NUS) |
| Subject | Economics |
Assignment Brief:
John took a loan of $50,000 from a bank at a nominal interest rate of 6% per year compounded monthly. The loan is to be repaid with 48 equal end-of-month payments.
(a) What is the effective annual interest rate of the loan?
(b) How much does John need to pay to the bank at the end of every month?
(c) John has just made the 18th monthly payment. How much does he still owe the bank?
Buy Custom Answer of This Assessment & Raise Your Grades
(d) John has just made the 18th monthly payment. Suppose that he has just been recently promoted in his job and he wishes to fully settle the loan with just another 12 more equal monthly payments. How much is the new monthly payment assuming that there is no change in the interest rate charged by the bank?
(e) Mary also takes a loan of $50,000 from the bank. Because Mary can only afford to pay at most only $1,113 per month, the bank charges her higher interests at 12% per year compounded monthly. How many months does Mary need to pay back the loan?
Singapore Assignment Help is here to write your economics assignments at reliable rates. Here you will find the best solution for your economics assignments like "John took a loan of $50,000 from a bank at a nominal interest rate of 6% per year compounded monthly." this. Also get diploma assignment help with our academic writing experts who offer unplagiarized content each and every time.
Looking for Plagiarism free Answers for your college/ university Assignments.
- ECE210 Advocacy and Collaborations with Families Assignment: Supporting Young Children Through Grief and Family-Centered Partnerships
- ACC707 Accounting and Finance Assignment: Evaluating Investment Decisions, Budgeting Strategies, and Financial Performance Analysis
- NCO201 Learn to Learn, Learn for Life TMA-01: Developing Self-Directed Learning Through the Journey of Mastering Public Speaking
- PSS219 Public Safety and Security in Singapore Group-Based Assignment: Strengthening National Resilience Through Policy Responses from the 2025 Committee of Supply Debate
- MTH240 Engineering Mathematics I Assignment: Heat Transfer, Chemical Balancing, Circuit Analysis, Signal Processing, and Matrix Theory
- Engaging Youth with IBM Skills Build Assignment: Designing Innovative Strategies for Skill Development and Career Growth
- BUS368 Innovation Management and Digital Transformation Assignment: Managing Innovation in Foldable, Trifold, and Stretchable Display Technologies
- BUS366 Assignment: Process Improvement and Recruitment Optimization Using Lean Six Sigma Methodology
- HBC203 Statistics and Data Analysis for the Social and Behavioural Sciences TMA-01: A Comparative Analysis of Workplace Wellbeing Interventions and Their Impact on Employee Productivity
- BCAF003 Business Accounting Assignment: A Comprehensive Study on Bank Reconciliation, Cash Controls, Inventory Valuation, and Financial Analysis