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II. Amortization and Mortgage Find the amortization amount per month then construct an amortization schedule. 1. Mr. and Ms Geronimo borrow P100,000 from a lending institution to pay the tuition fees of their children. It will be settled in 6 months by paying monthly amortization at a rate of 2% simple interest per month. a. Determine their monthly amortization amount b. Construct the amortization schedule. c. How much is the concluding payment? d. Find the total interest to be paid. Payment Number 1 2 3 4 5 6 Total Amortization Amount Payment of Interest Payment on Principal Balance

II. Amortization and Mortgage Find the amortization amount per month then construct an amortization schedule. 1. Mr. and Ms Geronimo borrow P100,000 from a lending institution to pay the tuition fees of their children. It will be settled in 6 months by paying monthly amortization at a rate of 2% simple interest per month. a. Determine their monthly amortization amount b. Construct the amortization schedule. c. How much is the concluding payment? d. Find the total interest to be paid. Payment Number 1 2 3 4 5 6 Total Amortization Amount Payment of Interest Payment on Principal Balance

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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II. Amortization and Mortgage Find the amortization amount per month then construct an amortization schedule. 1. Mr. and Ms Geronimo borrow P100,000 from a lending institution to pay the tuition fees of their children. It will be settled in 6 months by paying monthly amortization at a rate of 2% simple interest per month. a. Determine their monthly amortization amount b. Construct the amortization schedule. c. How much is the concluding payment? d. Find the total interest to be paid. Payment Number 1 2 3 4 5 6 Total Amortization Amount Payment of Interest Payment on Principal Balance
Transcribed Image Text:II. Amortization and Mortgage Find the amortization amount per month then construct an amortization schedule. 1. Mr. and Ms Geronimo borrow P100,000 from a lending institution to pay the tuition fees of their children. It will be settled in 6 months by paying monthly amortization at a rate of 2% simple interest per month. a. Determine their monthly amortization amount b. Construct the amortization schedule. c. How much is the concluding payment? d. Find the total interest to be paid. Payment Number 1 2 3 4 5 6 Total Amortization Amount Payment of Interest Payment on Principal Balance
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