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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