Mr. Rabutan borrowed P150,000. He agrees to pay the principal plus interest by paying an equal amount of money for 2 years. What should be his monthly payment if interest is 5% compounded annually? a. P8,895.45 b. P6,573.25 c. P5,786.25 d. P4,458.52

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section: Chapter Questions
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Mr. Rabutan borrowed P150,000. He agrees to pay the principal plus interest by
paying an equal amount of money for 2 years. What should be his monthly
payment if interest is 5% compounded annually?
a. P8,895.45
b. P6,573.25
c. P5,786.25
d. P4,458.52
Transcribed Image Text:Mr. Rabutan borrowed P150,000. He agrees to pay the principal plus interest by paying an equal amount of money for 2 years. What should be his monthly payment if interest is 5% compounded annually? a. P8,895.45 b. P6,573.25 c. P5,786.25 d. P4,458.52
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