A man borrowed P 300,000 from a lending institution which will be paid after 10 years at an interest rate of 12% compounded annually. If money is worth 8% per annum how much should be deposit to a bank monthly in order to discharge his debt 10 years hence? A. 2,798.52 B. 4,672.31 C. 3,952.50 D. 5,093.06

A man borrowed P 300,000 from a lending institution which will be paid after 10 years at an interest rate of 12% compounded annually. If money is worth 8% per annum how much should be deposit to a bank monthly in order to discharge his debt 10 years hence? A. 2,798.52 B. 4,672.31 C. 3,952.50 D. 5,093.06

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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