A bank loan of P6,000,000 charged at 9.65% pa compounded quarterly , is to be paid in 10 equal annual payments, the first of which to be paid 24 months from now. How much does Mr. Eden still owe to the bank after he has made the 8th payment? a. P1,864,174.52 b. P 1,694,704.11 c. P1,452,040 d. P1,211,510
A bank loan of P6,000,000 charged at 9.65% pa compounded quarterly , is to be paid in 10 equal annual payments, the first of which to be paid 24 months from now. How much does Mr. Eden still owe to the bank after he has made the 8th payment? a. P1,864,174.52 b. P 1,694,704.11 c. P1,452,040 d. P1,211,510
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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A bank loan of P6,000,000 charged at 9.65% pa compounded quarterly , is to be paid in 10 equal annual payments, the first of which to be paid 24 months from now. How much does Mr. Eden still owe to the bank after he has made the 8th payment?
a. P1,864,174.52
b. P 1,694,704.11
c. P1,452,040
d. P1,211,510
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