Mr X borrowed P100k at 5% per month payable in 60 equal end the month payments. a) How much of the loan remains unpaid immediately after he has paid the 40th payments? b) What is the effective annual interest rate

Mr X borrowed P100k at 5% per month payable in 60 equal end the month payments. a) How much of the loan remains unpaid immediately after he has paid the 40th payments? b) What is the effective annual interest rate

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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