2. A loan amounting to P1.5 million was secured dated, June 1, 2010. The loan should be paid by means of 60 equal payments to be made at the end of each month, with the first payment due on June 30,...


2. A loan amounting to P1.5 million was secured dated, June 1, 2010.<br>The loan should be paid by means of 60 equal payments to be made<br>at the end of each month, with the first payment due on June 30,<br>2010. The interest rate is 15% compounded monthly.<br>a. Determine the required monthly payments to retire the debt.<br>b. Show the first five rows of the amortization table corresponding<br>to this loan.<br>

Extracted text: 2. A loan amounting to P1.5 million was secured dated, June 1, 2010. The loan should be paid by means of 60 equal payments to be made at the end of each month, with the first payment due on June 30, 2010. The interest rate is 15% compounded monthly. a. Determine the required monthly payments to retire the debt. b. Show the first five rows of the amortization table corresponding to this loan.

Jun 07, 2022
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