Reference no: EM133036311
Question -
Q1. The same refrigerator is sold in two department stores, with the same cash price: $16,499 and an annual interest rate of 16.5% capitalizable per month. The credit conditions are as follows:
The "Palacio de Oro" store sells it for 13 monthly installments of $1,550.
The "Costington" store sells it for 9 monthly payments of $2,100.
In which store is it more convenient to buy the refrigerator?
Q2. Juan wants to rent a place to start a business. The monthly rent is $9,000. Since Juan does not want to be paying that amount each month, he proposes to pay the owner an annual amount equal to the $9,000 but in a single payment. If interest is calculated at 15% per year, compounded monthly, how much money should Juan pay?
Q3. Yoo Sinh Cash goes to a lending institution to request $18,000 to be paid in 24 months, in addition, the customer must pay $1,500 for credit investigation expenses and $1,200 for life insurance. The company charges 42% annual simple interest. Determine the total amount owed by Yoo Sinh Cash for the credit requested and consider that he has not paid any of the extra costs for applying for the credit.
Q4. You have a promissory note with a value at maturity of $35,600, which will be 270 days from now. The pawnshop has an interest rate of 23.4% per annum compounded daily. If you want to pay it today, what is the value of the note at this time?
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