A loan is to be amortized by equal payments of P 500 each at the end of
Fantastic news! We've Found the answer you've been seeking!
Question:
- A loan is to be amortized by equal payments of P 500 each at the end of every six months for 10 years. Interest is based on 7% compounded semi-annually. What is the outstanding debt after 8 years?
- A loan is to be amortized by equal payments of P 500 each at the end of every three months for 10 years. Interest is based on 7% compounded quarterly. What is the outstanding principal just after the 8th payment?
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
Posted Date: