3. Mr. Bainto has a loan that is to be amortized by paying monthly payments of P 3,200 for 1 year. After paying for 6 months, he decided to pay off the loan. How much of the 6 payment goes to pay the principal if money is worth 12% compounded monthly?
3. Mr. Bainto has a loan that is to be amortized by paying monthly payments of P 3,200 for 1 year. After paying for 6 months, he decided to pay off the loan. How much of the 6 payment goes to pay the principal if money is worth 12% compounded monthly?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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