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-annual payments. The first payment is to be made at the end of 2 years. Find his semi-annual payment. PHP 191,701.09 PHP 132,817.77 PHP 101,281.16 PHP 174,738.08 None of the above
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-annual payments. The first payment is to be made at the end of 2 years. Find his semi-annual payment. PHP 191,701.09 PHP 132,817.77 PHP 101,281.16 PHP 174,738.08 None of the above
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
![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-annual
payments. The first payment is to be made at the end of 2 years. Find his semi-annual
payment.
PHP 191,701.09
PHP 132,817.77
PHP 101,281.16
O PHP 174,738.08
None of the above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F48be138f-aad9-4a85-abea-ff2386f777d4%2F260eb859-4fd2-4f1e-b3e6-38e568df24e4%2Figno35f_processed.png&w=3840&q=75)
Transcribed Image Text: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-annual
payments. The first payment is to be made at the end of 2 years. Find his semi-annual
payment.
PHP 191,701.09
PHP 132,817.77
PHP 101,281.16
O PHP 174,738.08
None of the above
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