Task If you are planning to apply for a personal loan and borrow PhP 30,000 and repay principal and interest for an agreed length of time of 3 years, a. How much monthly payment is needed for each bank offer?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
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Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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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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Task
If you are planning to apply for a personal loan and borrow PhP 30,000 and repay the
principal and interest for an agreed length of time of 3 years,
a. How much monthly payment is needed for each bank offer?
b. How much interest would you pay for 3 years for each bank offer?
C. Which is the best option for you among the given choices below if you are to pay monthly
for 3 years?
Justify your answer and apply what you have learned on simple and compound interest.
Bank (Personal Loan) Monthly Interest Rate
A
1.3%
B
189%
122%
D.
1.5%
125%
E.
Transcribed Image Text:https://www.imoney.ph/personaHoan Task If you are planning to apply for a personal loan and borrow PhP 30,000 and repay the principal and interest for an agreed length of time of 3 years, a. How much monthly payment is needed for each bank offer? b. How much interest would you pay for 3 years for each bank offer? C. Which is the best option for you among the given choices below if you are to pay monthly for 3 years? Justify your answer and apply what you have learned on simple and compound interest. Bank (Personal Loan) Monthly Interest Rate A 1.3% B 189% 122% D. 1.5% 125% E.
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