tained a loan from the bank worth P 400,000.00 payable within 4 years from the time the loan was granted in equal monthly installment. The first payment is due after 1 year. If the interest rate is 8% compounded annually. Calculate the amount of his monthly payme
tained a loan from the bank worth P 400,000.00 payable within 4 years from the time the loan was granted in equal monthly installment. The first payment is due after 1 year. If the interest rate is 8% compounded annually. Calculate the amount of his monthly payme
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 26P
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A man obtained a loan from the bank worth P 400,000.00 payable within 4 years from the time the loan was granted in equal monthly installment. The first payment is due after 1 year. If the interest rate is 8% compounded annually. Calculate the amount of his monthly payment.
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