1. A contract valued at ₱24540 requires payment of ₱1283 at the end of every three months. If interest is 8.64% compounded quarterly, for how many years is the term of the contract?
1. A contract valued at ₱24540 requires payment of ₱1283 at the end of every three months. If interest is 8.64% compounded quarterly, for how many years is the term of the contract?
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
ChapterP: Prologue: Calculator Arithmetic
Section: Chapter Questions
Problem 2TU: If the annual percentage rate is 8% and the interest is compounded monthly, what is the amount owed...
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1. A contract valued at ₱24540 requires payment of ₱1283 at the end of every three months. If interest is 8.64% compounded quarterly, for how many years is the term of the contract?
2. What will be the compound interest on a sum of ₱25,000 after 3 years at the rate of 12% per annum?
3. The effective annual rate of interest corresponding to a nominal rate of 6% per annum payable semi-annually is:
4. How many years will it take for quarterly deposits of ₱225 accumulate to be ₱50000 at an interest rate of 8.44% compounded quarterly?
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