2. Cedric purchased a new fishing boat for P130, 000. He made a P20, 000 down payment, and financed the balance at his bank for 2 ½ years. Find: a. The amortization payment required every 3 months, at 16% interest, to pay off the boat loan? b. the total interest earned by the loan, c. What is the outstanding principal after 3 payments? 81,399.90 5 payments? d. If at the end of the 4th payment, Cedric decided to pay the remaining balance with a single payment, how much should he pay in addition to the regular payment on that period?
2. Cedric purchased a new fishing boat for P130, 000. He made a P20, 000 down payment, and financed the balance at his bank for 2 ½ years. Find: a. The amortization payment required every 3 months, at 16% interest, to pay off the boat loan? b. the total interest earned by the loan, c. What is the outstanding principal after 3 payments? 81,399.90 5 payments? d. If at the end of the 4th payment, Cedric decided to pay the remaining balance with a single payment, how much should he pay in addition to the regular payment on that period?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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