49 A businessman borrowed P310,000 with interest at the rate of 4.7% compounded semi-annually. He agrees to discharge his obligation by paying a series of 8 equal semi-annual payments, the first being due at the end of 5.1 years. Find the semi-annual payment. Express your answer in whole number.
49 A businessman borrowed P310,000 with interest at the rate of 4.7% compounded semi-annually. He agrees to discharge his obligation by paying a series of 8 equal semi-annual payments, the first being due at the end of 5.1 years. Find the semi-annual payment. Express your answer in whole number.
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
49
A businessman borrowed P310,000 with interest at the rate of 4.7% compounded semi-annually. He agrees to discharge his obligation by paying a series of 8 equal semi-annual payments, the first being due at the end of 5.1 years. Find the semi-annual payment.
Express your answer in whole number.
Expert Solution
Step 1
Information Provided:
- Amount borrowed = 310,000
- Interest rate = 4.7% compounded semi-annually
- Number of semi-equal payments = 8
- First payment due in = 5.1 years
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