SOLUTION: How much must be paid on a due date of June 26, 2010, on a loan of Php 45,000 made on
December 26, 2006 with interest rate of 14% compounded semi-annually?
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December 26, 2006 with interest rate of 14% compounded semi-annually?
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Question 1172217: How much must be paid on a due date of June 26, 2010, on a loan of Php 45,000 made on
December 26, 2006 with interest rate of 14% compounded semi-annually? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! this is a 3.5 year period with 7 times of compounding.
P=Po(1+(r/n))^nt
=45K(1+(.14)/2)^7
=45K*(1.07^7)
=72.260K or 72260 Php.
