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42. On January 1, 2023, Michael borrowed P12,000 and agreed to repay it with P4,650.70. If the periodic interest is 6%, what amount must he repay? Assume quarterly compounding. Round your final answer to the nearest hundredth. P. P16,650.70 H. P16,560.70 E. P15,560.70 N. P15,650.70 X. None of the choices. O. P14,650.70 1. P14,560.70 43. Referring to item 42, on what date should Andre repay the amount he borrowed? Use the Banker's Rule. C. June 27, 2028 D. June 28, 2028 U. June 27, 2024 W. June 28, 2024 1. May 25, 2024 S. May 26, 2024 E. None of the choices

42. On January 1, 2023, Michael borrowed P12,000 and agreed to repay it with P4,650.70. If the periodic interest is 6%, what amount must he repay? Assume quarterly compounding. Round your final answer to the nearest hundredth. P. P16,650.70 H. P16,560.70 E. P15,560.70 N. P15,650.70 X. None of the choices. O. P14,650.70 1. P14,560.70 43. Referring to item 42, on what date should Andre repay the amount he borrowed? Use the Banker's Rule. C. June 27, 2028 D. June 28, 2028 U. June 27, 2024 W. June 28, 2024 1. May 25, 2024 S. May 26, 2024 E. None of the choices

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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42. On January 1, 2023, Michael borrowed P12,000 and agreed to repay it with P4,650.70. If the periodic interest is 6%, what amount must he repay? Assume quarterly compounding. Round your final answer to the nearest hundredth. P. P16,650.70 H. P16,560.70 E. P15,560.70 N. P15,650.70 X. None of the choices. O. P14,650.70 1. P14,560.70 43. Referring to item 42, on what date should Andre repay the amount he borrowed? Use the Banker's Rule. C. June 27, 2028 D. June 28, 2028 U. June 27, 2024 W. June 28, 2024 1. May 25, 2024 S. May 26, 2024 E. None of the choices
Transcribed Image Text:42. On January 1, 2023, Michael borrowed P12,000 and agreed to repay it with P4,650.70. If the periodic interest is 6%, what amount must he repay? Assume quarterly compounding. Round your final answer to the nearest hundredth. P. P16,650.70 H. P16,560.70 E. P15,560.70 N. P15,650.70 X. None of the choices. O. P14,650.70 1. P14,560.70 43. Referring to item 42, on what date should Andre repay the amount he borrowed? Use the Banker's Rule. C. June 27, 2028 D. June 28, 2028 U. June 27, 2024 W. June 28, 2024 1. May 25, 2024 S. May 26, 2024 E. None of the choices
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