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?
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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