Calex applied for a business loan of Php 750,000, to be repaid in monthly installments of Php 180,000. The interest rate applied is 8% compounded monthly. How many monthly payments must he make to pay off the loan? O 8 monthly payments O 15 monthly payments O 10 monthly payments

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
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Calex applied for a business loan of Php 750,000, to be repaid in monthly installments of
Php 180,000. The interest rate applied is 8% compounded monthly. How many monthly
payments must he make to pay off the loan?
O 8 monthly payments
O 15 monthly payments
O 10 monthly payments
5 monthly payments
Transcribed Image Text:Calex applied for a business loan of Php 750,000, to be repaid in monthly installments of Php 180,000. The interest rate applied is 8% compounded monthly. How many monthly payments must he make to pay off the loan? O 8 monthly payments O 15 monthly payments O 10 monthly payments 5 monthly payments
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