SOLUTION: Andrew borrowed PhP 25,000.00 and agrees to repay the loan by level monthly installments for 10 months at 8.4% interest convertible monthly. Construct a loan amortization schedule

Algebra ->  Finance -> SOLUTION: Andrew borrowed PhP 25,000.00 and agrees to repay the loan by level monthly installments for 10 months at 8.4% interest convertible monthly. Construct a loan amortization schedule      Log On


   

Question 1182498: Andrew borrowed PhP 25,000.00 and agrees to repay the loan by level monthly installments for 10 months at 8.4% interest convertible monthly. Construct a loan amortization schedule for this loan.
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
present value = 25000
future value = 0
interest rate per month = 8.4% / 12 = .7%
number of months = 10
payments are made at the end of each month.
payments need to be 2597.257022 per month.
round to nearest penny = 2597.26 per month.

here's what it looks like using the arachnoid financial calculator at https://arachnoid.com/finance/index.html



inputs were everything but pmt.
click on pmt to get the answer.