1. A loan of P200,000 is to be repaid in full after 3 years. If the interest rate is 8% per annum, How much should be paid after 3 years?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 5SE: What is an annuity?
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B. Solve the following problems about business and consumer loans.
1. A loan of P200,000 is to be repaid in full after 3 years. If the interest rate is 8% per annum.
How much should be paid after 3 years?
2. For a purchase of a house and lot worth P3,800,000, the bank requires 20% down payment,
find the mortgaged amount.
3. Mr. Ramos is considering to pay his outstanding balance after 3 years of payment. The
original amount of the loan is P100,000 payable annually in 5 years. If the interest rate is
10% per annum and the regular payment is P26,379.75 annually, how much is the
outstanding balance after the 3rd payment?
4. A consumer loan worth P30,000 is to be repaid in 12 months at 9% convertible monthly.
How much is the monthly payment?
Transcribed Image Text:B. Solve the following problems about business and consumer loans. 1. A loan of P200,000 is to be repaid in full after 3 years. If the interest rate is 8% per annum. How much should be paid after 3 years? 2. For a purchase of a house and lot worth P3,800,000, the bank requires 20% down payment, find the mortgaged amount. 3. Mr. Ramos is considering to pay his outstanding balance after 3 years of payment. The original amount of the loan is P100,000 payable annually in 5 years. If the interest rate is 10% per annum and the regular payment is P26,379.75 annually, how much is the outstanding balance after the 3rd payment? 4. A consumer loan worth P30,000 is to be repaid in 12 months at 9% convertible monthly. How much is the monthly payment?
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