Mrs Cruz has a debt of P90,000.00 which she will settle by making monthly payments of P4,000 each. If money is worth 19% compounded quarterly, and payments are made at the end of each month, a)many regular payments of P4,000 are needed? b)how much is the smaller payment? in 2 decimal values. c)What is the oustanding balance after the 15th payment? 2 decimal values
Mrs Cruz has a debt of P90,000.00 which she will settle by making monthly payments of P4,000 each. If money is worth 19% compounded quarterly, and payments are made at the end of each month, a)many regular payments of P4,000 are needed? b)how much is the smaller payment? in 2 decimal values. c)What is the oustanding balance after the 15th payment? 2 decimal values
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 12E
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Mrs Cruz has a debt of P90,000.00 which she will settle by making monthly payments of P4,000 each. If money is worth 19% compounded quarterly, and payments are made at the end of each month,
a)many regular payments of P4,000 are needed?
b)how much is the smaller payment? in 2 decimal values.
c)What is the oustanding balance after the 15th payment? 2 decimal values
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