of paper. Directions: Analyze and solve the problem. Write your answers on a separate sheet 1. Mr. Tayag applied for a housing loan worth Php 1,000,000.00 and agreed to pay Php 100,000.00 at the end of each month with an interest rate of 24% compounded monthly. Prepare an amortization schedule. (15 points) Period Payment at the Interest Principal Outstanding end of the period Payment Balance 0 Php 1,000,000.00 Php 20,000.00 Php 100,000.00 Php 900,000.00 2 Php 18,000.00 Php 100,000.00 Php 800,000,00 3 Php 16,000.00 Php 100,000.00 Php 700,000.00 4 Php 14,000.00 Php 100,000.00 Php 600,000.00 Php 12,000.00 Php 100,000.00 Php 500,000.00 Php 100,000.00 Php 400,000.00 Php 100,000.00 Php 300,000.00 Php 100,000.00 Php 200,000.00 Php 100,000.00 Php 100,000.00 10 Php 100,000.00 0 2. A Php 2,000,000.00 loan is to be amortized with 6 equal annual payments. If the interest rate is 9%, find the annual payment and construct an amortization schedule. Payment at the Interest Principal Outstanding Period end of the period Payment Balance 0 Php 2,000,000.00 Php 445,839.53 Php 180,000.00 Php 265,839.53 2 Php 445,839.53 3 Php 445,839.53 Php $45,839.53 Php 445,839.53 6 Php 445,839.53 0 Total Php 2,675,037.18 Php 675,037.45| Php 2,000,000.002. Find the interest on the first period by multiplying the interest rate with the loan. = Php 2,400, 000.00 x .04 = Php 96,000.00 Note: 4% is used as interest rate because it is compounded semi-annually. 3. Subtract the interest from the payment to get the principal payment. Principal Payment = Php 457,828.55 - Php 96,000.00 = Php 361,828.55 4. Find the outstanding balance at the end of each period. Subtract the principa payment from the outstanding balance. Php 2,038, 171.45 = Php 2,400,000.00 - Php 361,828.55 5. Repeat steps 1, 2, 3 & 4 to compute for the payment at the end of the period interest rate, principal payment, and outstanding balance for the second to the last period. You may refer to Table 2