I need an answer for number 7. Problem: Carl borrowed an amount of money from Carmen. He agrees to pay the principal plusinterest by paying P38, 973.76 each year for 3 years with an interest rate of 8%compounded quarterly.7. What type of annuity is being applied in the situation above?A. general annuityB. simple annuityC. contingent annuity D. annuity due8. How many payments are made by Carl in 3 years?В. 6А. 3С. 12D. 4

An annuity is the periodic payments made by a person for a certain period of time on a loan taken.…

Problem: Carl borrowed an amount of money from Carmen. He agrees to pay the principal plus interest by paying P38, 973.76 each year for 3 years with an interest rate of 8% compounded quarterly. What type of annuity is being applied in the situation above? A. general annuity B. simple annuity C. contingent annuity D. annuity due

Problem: Carl borrowed an amount of money from Carmen. He agrees to pay the principal plus interest by paying P38, 973.76 each year for 3 years with an interest rate of 8% compounded quarterly. What type of annuity is being applied in the situation above? A. general annuity B. simple annuity C. contingent annuity D. annuity due

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 4FPE: Calculating single-payment loan amount due at maturity. Stanley Price plans to borrow 8,000 for five...

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