A bank loan of P6,000,000 at 10% pa, is to be paid in 10 equal payments, the first of which to be paid two years from now. How much does Mr. Eden still owe to the bank after he has made the 9th payment? a. P 887,702.15 b. P 976,472.37 c. P1,341,153.69 d. P1,211,510
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A bank loan of P6,000,000 at 10% pa, is to be paid in 10 equal payments, the first of which to be paid two years from now.
How much does Mr. Eden still owe to the bank after he has made the 9th payment?
a. P 887,702.15
b. P 976,472.37
c. P1,341,153.69
d. P1,211,510
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- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.
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