Answered: Suppose a customer has to pay a total…

Suppose a customer has to pay a total amount of PhP 20,945 as a payment of a personal loan at the end of 3 years and 6 months at 4.68% compounded quarterly. How much is the borrowed amount?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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Question

Suppose a customer has to pay a total
amount of PhP 20,945 as a payment of a
personal loan at the end of 3 years and 6
months at 4.68% compounded quarterly.
How much is the borrowed amount?

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