Answered: If you obtain a loan o P 1,000,000.00…

If you obtain a loan o P 1,000,000.00 at the rate of 12% compounded annually in order to build a house, how much must you pay monthly to amortize the loan within a period of 10 years?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

If you obtain a loan o P 1,000,000.00
at the rate of 12% compounded
annually in order to build a house,
how much must you pay monthly to
amortize the loan within a period of
10 years?
P 13,994.17
P 12,955.21
P 15,855.45
P 12,900.25

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