An employee obtained a loan of P486,555 at the rate of 20.774% compounded bimonthly to build a house. Determine the following: Nominal interest rate compound twice a month %. Amount he has to pay at the end of thw 15 years? Equal amount to be paid at the end of 5th and 7th year to be fully paid.
An employee obtained a loan of P486,555 at the rate of 20.774% compounded bimonthly to build a house. Determine the following: Nominal interest rate compound twice a month %. Amount he has to pay at the end of thw 15 years? Equal amount to be paid at the end of 5th and 7th year to be fully paid.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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An employee obtained a loan of P486,555 at the rate of 20.774% compounded bimonthly to build a house. Determine the following:
Nominal interest rate compound twice a month %.
Amount he has to pay at the end of thw 15 years?
Equal amount to be paid at the end of 5th and 7th year to be fully paid.
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