Kenly deposits 14,300 pesos every quarterly in a savings account that pays 12% converted quarterly. Suppose that he does not withdraw any amount, how much would he saves at the end of 3 years?
Answer the following questions. Show your complete solution.
1. Kenly deposits 14,300 pesos every quarterly in a savings account that pays 12% converted quarterly. Suppose that he does not withdraw any amount, how much would he saves at the end of 3 years?
2. Joshua borrows 35,000 pesos from a cooperative to buy a laptop. He will repay the loan in equal monthly payments over 2 years at the end of each month. If he is charged 10% interest compounded monthly, how much is his monthly payment? What is the total amount that he repays?
3. A store advertises a motorcycle for 3,000 down payment and 3,000 per month for 15 months. If the interest is 15% compounded monthly, what is the actual value of the motorcycle?
Step by step
Solved in 2 steps with 1 images
