Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Using the credit card, Anne bought a necklace in a boutique at a price of ₱12,000 payable in 6 months at 9% per annum. The principal will be paid in 6 equal monthly payments of ₱2,000. The interest is computed on the unpaid balance each month. Find the total interest and present the tabular computation.
Transcribed Image Text:Month
Unpaid
Monthly
Principal
Total
New
Interest
Payment Payment
Balance
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