document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1193606>Question 1193606</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How many quarterly payments of ₱15,000 will be necessary to pay off <BR>\n" );
document.write( "a debt of ₱175,000 if the interest rate charged is 8% converted <BR>\n" );
document.write( "quarterly </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #848636 by </B><A HREF=/tutors/aboutme.mpl?userid=yurtman><B>yurtman(42)</B></A><img src=\"/images/stars/stars-07.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=yurtman><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=848636\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> **1. Determine the Quarterly Interest Rate:**\r<BR>\n" );
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document.write( "* Annual Interest Rate: 8%<BR>\n" );
document.write( "* Quarterly Interest Rate: 8% / 4 = 2% or 0.02\r<BR>\n" );
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document.write( "**2. Calculate the Number of Quarterly Payments**\r<BR>\n" );
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document.write( "* **Use a financial calculator or spreadsheet software (like Excel or Google Sheets) to determine the number of payments.**\r<BR>\n" );
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document.write( "    * **In Excel, you can use the NPER function:** <BR>\n" );
document.write( "        * `=NPER(rate, pmt, pv, [fv], [type])`<BR>\n" );
document.write( "            * rate: Quarterly interest rate (0.02)<BR>\n" );
document.write( "            * pmt: Payment amount (-15,000) <BR>\n" );
document.write( "            * pv: Present value (175,000)<BR>\n" );
document.write( "            * fv: Future value (0, as the loan will be fully paid off) <BR>\n" );
document.write( "            * type: 0 for payments at the end of each period (default)\r<BR>\n" );
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document.write( "    * This will give you the number of quarterly payments required to repay the loan. \r<BR>\n" );
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document.write( "* **Using a financial calculator or spreadsheet, you'll find that it takes approximately 14 quarterly payments to repay the loan.**\r<BR>\n" );
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document.write( "**Therefore, 14 quarterly payments of ₱15,000 will be necessary to pay off a debt of ₱175,000 at an 8% annual interest rate compounded quarterly.**<BR>\n" );
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