Money borrowed today is to be paid in 6 equal payments at the end of 6 quarters. If the interest is 12% compounded quarterly, how much was initially borrowed if quarterly payments is Php2,000? A. P10,834.38 B. P10,382.90 C. P10,586.99 D. P10,200.56
Money borrowed today is to be paid in 6 equal payments at the end of 6 quarters. If the interest is 12% compounded quarterly, how much was initially borrowed if quarterly payments is Php2,000? A. P10,834.38 B. P10,382.90 C. P10,586.99 D. P10,200.56
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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![Money borrowed today is to be paid in 6 equal payments at the end of 6 quarters. If the
interest is 12% compounded quarterly, how much was initially borrowed if quarterly
payments is Php2,000?
A. P10,834.38
B. P10,382.90
C. P10,586.99
D. P10,200.56](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3a6b87f-ec71-4a57-a20f-b013019f1676%2Fd9ebcfec-5df6-4c51-9f13-0444939df6c2%2F7ub0o6f_processed.png&w=3840&q=75)
Transcribed Image Text:Money borrowed today is to be paid in 6 equal payments at the end of 6 quarters. If the
interest is 12% compounded quarterly, how much was initially borrowed if quarterly
payments is Php2,000?
A. P10,834.38
B. P10,382.90
C. P10,586.99
D. P10,200.56
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