Ester took a loan of P390,500.00 from xYx Finance Corporation. If the company charges interest at...
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Ester took a loan of P390,500.00 from xYx Finance Corporation. If the company charges interest at 16% per annum, compounded quarterly, what amount will discharge her debt after three years? 8. Find the difference between the simple interest and the compound interest on P50,000.00 for five years at 6% per annum. Rhob obtained a loan of P250,000.00 from the xYx Bank to renovate his house. If the rate of interest is 8% per annum, what amount will he pay to the bank after three years to discharge his debt? Mikay deposited a sum of P 16,500.00 in a bank for five years, compounded annually at 7% per annum. What amount will she get on maturity? Ester took a loan of P390,500.00 from xYx Finance Corporation. If the company charges interest at 16% per annum, compounded quarterly, what amount will discharge her debt after three years? 8. Find the difference between the simple interest and the compound interest on P50,000.00 for five years at 6% per annum. Rhob obtained a loan of P250,000.00 from the xYx Bank to renovate his house. If the rate of interest is 8% per annum, what amount will he pay to the bank after three years to discharge his debt? Mikay deposited a sum of P 16,500.00 in a bank for five years, compounded annually at 7% per annum. What amount will she get on maturity?
Expert Answer:
Answer rating: 100% (QA)
Solution a To find the amount that will discharge Esters debt after three years we can use the formula for compound interest A P1 rnnt Where A the amo... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
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