A fully secured loan of P30,000 was to be amortized by 10 equal semi-annual payments, the first payment to be made 6 months after the loan finalization. After the 6th payment was made the debtor was in a position to settle the entire debt balance by a single payment on that date. If the interest on the loan is 12% compounded semi-annually, what be the amount of the single payment? a. P15,437 b. P13,488 c. P16,935 d. P14,124
A fully secured loan of P30,000 was to be amortized by 10 equal semi-annual payments, the first payment to be made 6 months after the loan finalization. After the 6th payment was made the debtor was in a position to settle the entire debt balance by a single payment on that date. If the interest on the loan is 12% compounded semi-annually, what be the amount of the single payment? a. P15,437 b. P13,488 c. P16,935 d. P14,124
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 fully secured loan of P30,000 was to be amortized by 10 equal semi-annual payments, the first payment to be made 6 months after the loan finalization. After the 6th payment was made the debtor was in a position to settle the entire debt balance by a single payment on that date. If the interest on the loan is 12% compounded semi-annually, what be the amount of the single payment?
|
a. |
P15,437 |
|
|
b. |
P13,488 |
|
|
c. |
P16,935 |
|
|
d. |
P14,124 |
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