An employee obtained a loan of P486,555 at the rate of 20.774% compounded bimonthly to build a house. Determine the following: 1.Nominal interest rate compound twice a month %. 2.Amount he has to pay at the end of thw 15 years? 3.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: 1.Nominal interest rate compound twice a month %. 2.Amount he has to pay at the end of thw 15 years? 3.Equal amount to be paid at the end of 5th and 7th year to be fully paid.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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