Question: Show step-by-step solution. Compute manually. 5. A loan worth 150,000 pesos is payable monthly over 2 years at an interest rate of 6.5% compounded monthly.

Show step-by-step solution. Compute manually.

5. A loan worth 150,000 pesos is payable monthly over 2 years at an interest rate of 6.5% compounded monthly. Each monthly payment consists of 6,250 pesos in principal, which is 1/24 of the loan amount, plus the interest due. Find a formula for the kth payment P. Then construct an amortization schedule.

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