Ben borrowed PHP 1,300,000 from a finance company that charges interest at 16%compounded semi-annually. He promised to pay off the loan in 18 semi-annualpayments. The first payment is to be made at the end of 2 years. Find his semi-annualpayment.PHP 191,701.09PHP 132,817.77PHP 101,281.16O PHP 174,738.08None of the above

Loan amount (PV) = PHP 1,300,000 Interest rate = 16% Semi annual interest rate (r) = 16%/2 = 8%…

Answered: Ben borrowed PHP 1,300,000 from a…

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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