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B. Solve for the following: 5. Francis Nicolas borrowed P100,000 at an interest rate of 14% compounded semiannually. He agreed to pay 17,500 at the end of each 6 months until the maturity date. Give the number of payments he is going to make to settle the account. 6. To accumulate P250,000, Marisol needs to place equal deposits at the end of every 6 months in a fund which earns at 18% compounded semiannually. If the first deposit is made on January 5, 2015 and the last, on January 5, 2020, how large should each deposit be? 7. Emelita bought a house and lot worth 2.3 million pesos. She gave a down payment of P700,000 with an agreement to pay the balance for 15 years at 17% compounded quarterly. How much was the quarterly payment? 8. What sum will be paid at the end of every month for 5 years and 6 months if the present value of P45,000 and interest are paid at 15% compounded monthly?

B. Solve for the following: 5. Francis Nicolas borrowed P100,000 at an interest rate of 14% compounded semiannually. He agreed to pay 17,500 at the end of each 6 months until the maturity date. Give the number of payments he is going to make to settle the account. 6. To accumulate P250,000, Marisol needs to place equal deposits at the end of every 6 months in a fund which earns at 18% compounded semiannually. If the first deposit is made on January 5, 2015 and the last, on January 5, 2020, how large should each deposit be? 7. Emelita bought a house and lot worth 2.3 million pesos. She gave a down payment of P700,000 with an agreement to pay the balance for 15 years at 17% compounded quarterly. How much was the quarterly payment? 8. What sum will be paid at the end of every month for 5 years and 6 months if the present value of P45,000 and interest are paid at 15% compounded monthly?

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 15E
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Please help me answer numbers 6 & 8. Thank you!
Name: Date: Score: B. Solve for the following: 5. Francis Nicolas borrowed P100,000 at an interest rate of 14% compounded semiannually. He agreed to pay P7,500 at the end of each 6 months until the maturity date. Give the number of payments he is going to make to settle the account. 6. To accumulate P250,000, Marisol needs to place equal deposits at the end of every 6 months in a fund which earns at 18% compounded semiannually. If the first deposit is made on January 5, 2015 and the last, on January 5, 2020, how large should each deposit be? 7. Emelita bought a house and lot worth 2.3 million pesos. She gave a down payment of P700,000 with an agreement to pay the balance for 15 years at 17% compounded quarterly. How much was the quarterly payment? 8. What sum will be paid at the end of every month for 5 years and 6 months if the present value of P45,000 and interest are paid at 15% compounded monthly? Page 16- Chapter 4: Ordinary Simple Annuity
Transcribed Image Text:Name: Date: Score: B. Solve for the following: 5. Francis Nicolas borrowed P100,000 at an interest rate of 14% compounded semiannually. He agreed to pay P7,500 at the end of each 6 months until the maturity date. Give the number of payments he is going to make to settle the account. 6. To accumulate P250,000, Marisol needs to place equal deposits at the end of every 6 months in a fund which earns at 18% compounded semiannually. If the first deposit is made on January 5, 2015 and the last, on January 5, 2020, how large should each deposit be? 7. Emelita bought a house and lot worth 2.3 million pesos. She gave a down payment of P700,000 with an agreement to pay the balance for 15 years at 17% compounded quarterly. How much was the quarterly payment? 8. What sum will be paid at the end of every month for 5 years and 6 months if the present value of P45,000 and interest are paid at 15% compounded monthly? Page 16- Chapter 4: Ordinary Simple Annuity
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