A P150,000 loan is to be paid as follows: P 10,000/month _______ 1st to 10th month Final payment _______ 12th month If the annual rate of interest is 12% compounded monthly, find the final payment. a. P 62,299 b. P 50,000 c. P61,634 d. P68,298

A P150,000 loan is to be paid as follows: P 10,000/month _ 1st to 10th month Final payment _ 12th month If the annual rate of interest is 12% compounded monthly, find the final payment. a. P 62,299 b. P 50,000 c. P61,634 d. P68,298

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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Question

A P150,000 loan is to be paid as follows:
P 10,000/month _______ 1st to 10th month
Final payment _______ 12th month
If the annual rate of interest is 12% compounded monthly, find the final payment.
a. P 62,299

b. P 50,000

c. P61,634

d. P68,298

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