On January 1, 2008, Gabe borrowed P12,000 and agreed to repay it with P4,473.60 interest. If the interest is at 8% compounded quarterly, what amount must she repay and on what date?
On January 1, 2008, Gabe borrowed P12,000 and agreed to repay it with P4,473.60 interest. If the interest is at 8% compounded quarterly, what amount must she repay and on what date?
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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1. On January 1, 2008, Gabe borrowed P12,000 and agreed to repay it with P4,473.60 interest. If the interest is at 8% compounded quarterly, what amount must she repay and on what date?
2. How long will it take P10,000 to accumulate to the amount of P11,000 at 12% compounded monthly? (in months)
3.If the interest is compounded quarterly, find the nominal rate at which P1,996 accumulates to P3,500 at the end of 4 ¾ years.
4.When must an obligation of P3,483 be made to extinguish a loan of P3,000 which bears interest at 4% compounded quarterly? (answer in quarters not year)
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