If you obtain a loan o P 1,000,000.00 at the rate of 12% compounded annually in order to build a house, how much must you pay monthly to amortize the loan within a period of 10 years?
If you obtain a loan o P 1,000,000.00 at the rate of 12% compounded annually in order to build a house, how much must you pay monthly to amortize the loan within a period of 10 years?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![If you obtain a loan o P 1,000,000.00
at the rate of 12% compounded
annually in order to build a house,
how much must you pay monthly to
amortize the loan within a period of
10 years?
P 13,994.17
P 12,955.21
P 15,855.45
P 12,900.25](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7a335814-314d-413c-9c93-06d5d16c4b8b%2Fdaec91b6-0520-4bfa-9908-568575cca252%2Fuyllvkc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:If you obtain a loan o P 1,000,000.00
at the rate of 12% compounded
annually in order to build a house,
how much must you pay monthly to
amortize the loan within a period of
10 years?
P 13,994.17
P 12,955.21
P 15,855.45
P 12,900.25
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