rs Cruz has a debt of P90,000.00 which she will settle by making monthly payments of P4,000 each. If money is worth 19% compounded quarterly, and payments are made at the end of each month, how many regular payments of P4,000 are needed? how much is the smaller payment? What is the oustanding balance after the 15th payment?
rs Cruz has a debt of P90,000.00 which she will settle by making monthly payments of P4,000 each. If money is worth 19% compounded quarterly, and payments are made at the end of each month, how many regular payments of P4,000 are needed? how much is the smaller payment? What is the oustanding balance after the 15th payment?
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 5E
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Mrs Cruz has a debt of P90,000.00 which she will settle by making monthly payments of P4,000 each. If money is worth 19% compounded quarterly, and payments are made at the end of each month, how many regular payments of P4,000 are needed? how much is the smaller payment? What is the oustanding balance after the 15th payment?
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