A P150,000 loan is to be paid as follows: P 10,000/month _______ 1st to 10th month Final payment _______ 12th month If the annual rate of interest is 12% compounded monthly, find the final payment. a. P 62,299 b. P 50,000 c. P61,634 d. P68,298

A P150,000 loan is to be paid as follows: P 10,000/month _ 1st to 10th month Final payment _ 12th month If the annual rate of interest is 12% compounded monthly, find the final payment. a. P 62,299 b. P 50,000 c. P61,634 d. P68,298

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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Question

A P150,000 loan is to be paid as follows:
P 10,000/month _______ 1st to 10th month
Final payment _______ 12th month
If the annual rate of interest is 12% compounded monthly, find the final payment.
a. P 62,299

b. P 50,000

c. P61,634

d. P68,298

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