1 The PH debt as of today amounts 12 trillions. This balloons with an interest rate of 0.16% yearly. Suppose the government requires every earning individual to pay debt by 2030, how much of us would...

1

The PH debt as of today amounts 12 trillions. This balloons with an interest rate of 0.16% yearly. Suppose the government requires every earning individual to pay debt by 2030, how much of us would need to pay monthly (annual payment amortized in 12 equal payments), assuming that inflation is 3%, the interest rate is 5.6% compounded daily, and we will start the payment by the end of 2022? The Philippines is estimated to have 110 million people, with the work force around 20%.

(Show the cash-flow diagram if possible, and the complete solution NOT the spreadsheet/ excel)