Mr. Green had a housing loan amounting to P2,664,676, and it was to be amortized by a group of 30 end of year payments in an ascending linear progression. Mr. Green had an initial payment of P95,000 during the first end of year. The interest rate of the loan was 15% compounded annually, how much should the increase of payment every year in the amortization? 50,080.45 65,371 margin of error +/- 0.1

Mr. Green had a housing loan amounting to P2,664,676, and it was to be amortized by a group of 30 end of year payments in an ascending linear progression. Mr. Green had an initial payment of P95,000 during the first end of year. The interest rate of the loan was 15% compounded annually, how much should the increase of payment every year in the amortization? 50,080.45 65,371 margin of error +/- 0.1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Mr. Green had a housing loan amounting to P2,664,676, and it was to be amortized by a group of 30 end of year payments in an ascending
linear progression. Mr. Green had an initial payment of P95,000 during the first end of year. The interest rate of the loan was 15%
compounded annually, how much should the increase of payment every year in the amortization?
u Answered
50,080.45
rrect Answer
65,371 margin of error +/- 0.1

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