3. Ramoncito deposited P15,000.00 today and he deposited the same equal amount each month for the next 9 months. Interest is 7% compounded monthly. a. How much is the value of these 10 equal deposits after 9 months from today? b. If Ramoncito failed to pay the last two monthly payments (8th and 9th), how much should he pay the bank a single amount of 14th month?
3. Ramoncito deposited P15,000.00 today and he deposited the same equal amount each month for the next 9 months. Interest is 7% compounded monthly. a. How much is the value of these 10 equal deposits after 9 months from today? b. If Ramoncito failed to pay the last two monthly payments (8th and 9th), how much should he pay the bank a single amount of 14th month?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![3. Ramoncito deposited P15,000.00 today and
he deposited the same equal amount each
month for the next 9 months. Interest is 7%
compounded monthly.
a. How much is the value of these 10 equal
deposits after 9 months from today?
b. If Ramoncito failed to pay the last two
monthly payments (8th and 9th), how much
should he pay the bank a single amount of 14th
month?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa971b536-7167-4517-a1fc-de3de3580742%2Fd0430fe7-a82a-4dc5-be86-c6f8f9362577%2Ftt6a4c_processed.png&w=3840&q=75)
Transcribed Image Text:3. Ramoncito deposited P15,000.00 today and
he deposited the same equal amount each
month for the next 9 months. Interest is 7%
compounded monthly.
a. How much is the value of these 10 equal
deposits after 9 months from today?
b. If Ramoncito failed to pay the last two
monthly payments (8th and 9th), how much
should he pay the bank a single amount of 14th
month?
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