You overhear your friend saying that he is repaying a loan at P5,000 every month for the next three years. The interest rate he has been charged is 12% compounded monthly. Figure out the size of the loan, and the amount of interest involved.
You overhear your friend saying that he is repaying a loan at P5,000 every month for the next three years. The interest rate he has been charged is 12% compounded monthly. Figure out the size of the loan, and the amount of interest involved.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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You overhear your friend saying that he is repaying a loan at P5,000 every month for the next three years. The interest rate he has been charged is 12% compounded monthly. Figure out the size of the loan, and the amount of interest involved.
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