3. a) Calculate the interest rate applied in a loan of P1000 with repayment of P1100 andduration of 10 months. b) What is the monthly interest, daily interest, equivalent to theyearly interest found in a)?

Interest rate is the percentage of interest which is charged on the amount used by the other for a…

Answered: 3. a) Calculate the interest rate…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Consider a loan of 1,000,000 which is to be amortized by 60 monthly payments. The interest rate is 10% converted monthly. How much of the 47th payment goes to pay the interest? How much of the 47th payment goes to pay the principal?
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56. subject:- accounting
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3. a) Calculate the interest rate applied in a loan of P1000 with repayment of P1100 and duration of 10 months. b) What is the monthly interest, daily interest, equivalent to the yearly interest found in a)?