1. A debt of P15,000 now will be paid in the following schedule: a. P4,000 at the end of three months b. P5,000 at the end of twelve months c. P3,000 at the end of fifteen months d. Final payment at the end of twenty-one months If the rate of interest is 18% compounded quarterly, determine the amount of the final payment.
1. A debt of P15,000 now will be paid in the following schedule: a. P4,000 at the end of three months b. P5,000 at the end of twelve months c. P3,000 at the end of fifteen months d. Final payment at the end of twenty-one months If the rate of interest is 18% compounded quarterly, determine the amount of the final payment.
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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