A medical student who was offered by a Foundation Php100, 000 loan to finance his medical studies agreed to render 5 days of continues services to the foundation every end of the semester as some kind of payment to his loan. When paid, his daily wage in Php3500. If the loan is worth 6% compounded semiannually, how long will he be rendering his services every end of a semester before his laan will have been considered paid? If it is possible for him to reduce his semestral working days by 2 days, how many semesters more will he render services?
A medical student who was offered by a Foundation Php100, 000 loan to finance his medical studies agreed to render 5 days of continues services to the foundation every end of the semester as some kind of payment to his loan. When paid, his daily wage in Php3500. If the loan is worth 6% compounded semiannually, how long will he be rendering his services every end of a semester before his laan will have been considered paid? If it is possible for him to reduce his semestral working days by 2 days, how many semesters more will he render services?
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 19P
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Transcribed Image Text:3. A miedical student who was offered by a Foundation Php100, 000 laan to
finance his medical studies agreed to render 5 days of continues services
to the foundation every end of the semester as some kind of payment to
his loan. When paid, his daily wage in Php3500. If the loan is worth 6%
compounded semiannually, how long will he be rendering his services
every end of a semester before his loan will have been considered paid? If
it is possible for him to reduce his semestral working days by 2 days, how
many semesters more will he render services?
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