Assume that time today is Dec. 13, 2022. Determine what is being asked in each problem. 1. Rhea has to pay a loan by making 12 bimonthly (at the end of every 2 months) payments of ₱15,000 to Provident Fund. How much is her outstanding balance by August 13, 2023 if interest is 7.2% compounded bi-monthly? Hint: m=no.of conversion periods=6 per year. 2. Lara has made ₱1,000 monthly payments to a paluwagan up to Mar. 13, 2023 but was dissolved as agreed by all contributors. The paluwagan management has agreed to return her money's worth including interest of 0.5% per month on Jun. 13, 2023. How much is the total she can receive? 3. Coco borrowed ₱100,000 and wishes to repay Kobe at the end of each month with payments of ₱3,000 for as long as necessary. Coco is charged by Kobe 9% interest compounded monthly. How many regular level payments does Coco have to p

Assume that time today is Dec. 13, 2022. Determine what is being asked in each problem. 1. Rhea has to pay a loan by making 12 bimonthly (at the end of every 2 months) payments of ₱15,000 to Provident Fund. How much is her outstanding balance by August 13, 2023 if interest is 7.2% compounded bi-monthly? Hint: m=no.of conversion periods=6 per year. 2. Lara has made ₱1,000 monthly payments to a paluwagan up to Mar. 13, 2023 but was dissolved as agreed by all contributors. The paluwagan management has agreed to return her money's worth including interest of 0.5% per month on Jun. 13, 2023. How much is the total she can receive? 3. Coco borrowed ₱100,000 and wishes to repay Kobe at the end of each month with payments of ₱3,000 for as long as necessary. Coco is charged by Kobe 9% interest compounded monthly. How many regular level payments does Coco have to p

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 1E

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Rhea has to pay a loan by making 12 bimonthly (at the end of every 2 months) payments of P15,000 to Provident Fund How much is her outstanding balance by August 13, 2023 if interest is 7.2% compounded bi-monthly? Hint: m= no.of conversion periods=6 per year.
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Assume that time today is Dec. 13, 2022. Determine what is being asked in each problem.1. Coco borrowed ₱100,000 and wishes to repay Kobe at the end of each month with payments of ₱3,000 for as long as necessary. Coco is charged by Kobe 9% interest compounded monthly. How much extra payment should Coco add to his last payment (paid along with the last payment) to completely discharge the loan?2. Coco borrowed ₱100,000 and wishes to repay Kobe at the end of each month with payments of ₱3,000 for as long as necessary. Coco is charged by Kobe 9% interest compounded monthly. How much extra payment does Coco have to settle one month after the last regular level payment to discharge this loan?
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