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JL Bank offers a business loan with an initial amount of 6,000,000 pesos at a rate of 3% compounded monthly for 7 years. Find the periodic payment and construct an amortization schedule.   Initial amount (A) – 6,000,000 Monthly Payment (R) – 79,279.80073 Rate of Interest (r) – 3% or 0.03 Compounding Period (n) – 12 Year/s (y) – 7 Number of Payments (N) – 84

JL Bank offers a business loan with an initial amount of 6,000,000 pesos at a rate of 3% compounded monthly for 7 years. Find the periodic payment and construct an amortization schedule.   Initial amount (A) – 6,000,000 Monthly Payment (R) – 79,279.80073 Rate of Interest (r) – 3% or 0.03 Compounding Period (n) – 12 Year/s (y) – 7 Number of Payments (N) – 84

Essentials Of Investments
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
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  1. JL Bank offers a business loan with an initial amount of 6,000,000 pesos at a rate of 3% compounded monthly for 7 years. Find the periodic payment and construct an amortization schedule.

 

Initial amount (A) – 6,000,000

Monthly Payment (R) – 79,279.80073

Rate of Interest (r) – 3% or 0.03

Compounding Period (n) – 12

Year/s (y) – 7

Number of Payments (N) – 84

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