Grace borrowed P150,000 payable in 2 years. To repay the loan, she must pay an amount every month with an interest rate of 6% compounded monthly. How much should he pay every month? O a. 7,648.09 O b. 6,648.09 O c4,814.93 O d. 3,814.29

Grace borrowed P150,000 payable in 2 years. To repay the loan, she must pay an amount every month with an interest rate of 6% compounded monthly. How much should he pay every month? O a. 7,648.09 O b. 6,648.09 O c4,814.93 O d. 3,814.29

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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Question

Solve the problem on an annuity with a solution.

Grace borrowed P150,000 payable in 2 years. To repay the loan, she must
pay an amount every month with an interest rate of 6% compounded
monthly. How much should he pay every month?
O a. 7,648.09
O b. 6,648.09
Oc4,814.93
O d. 3,814.29

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