Answered: A man borrowed P12,000 and agreed to…

A man borrowed P12,000 and agreed to repay it with P4,650.70 interest. If the interest is 6% compounded quarterly, what is the term of the loan? O 22 years O 5.5 years O 15.92 years O 6.37 years

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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Please answer this question correctly ASAP. Thank you.

A man borrowed P12,000 and agreed to repay it with P4,650.70 interest. If the
interest is 6% compounded quarterly, what is the term of the loan?
O 22 years
О 5.5 years
O 15.92 years
O 6.37 years

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