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Question 18 A business loan of PhP 650,000 is to be settled by paying PhP 29,994.20 monthly in 2 years. If the interest rate is 10% converted monthly, how much is the outstanding balance after 6 payments? Note: Input the amount only, with comma and rounded to two decimals. Do not input the peso sign. (Example: 16,435.50) Add your answer

Question 18 A business loan of PhP 650,000 is to be settled by paying PhP 29,994.20 monthly in 2 years. If the interest rate is 10% converted monthly, how much is the outstanding balance after 6 payments? Note: Input the amount only, with comma and rounded to two decimals. Do not input the peso sign. (Example: 16,435.50) Add your answer

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 18 A business loan of PhP 650,000 is to be settled by paying PhP 29,994.20 monthly in 2 years. If the interest rate is 10% converted monthly, how much is the outstanding balance after 6 payments? Note: Input the amount only, with comma and rounded to two decimals. Do not input the peso sign. (Example: 16,435.50) Add your answer
Transcribed Image Text:Question 18 A business loan of PhP 650,000 is to be settled by paying PhP 29,994.20 monthly in 2 years. If the interest rate is 10% converted monthly, how much is the outstanding balance after 6 payments? Note: Input the amount only, with comma and rounded to two decimals. Do not input the peso sign. (Example: 16,435.50) Add your answer
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