Question

james borrows Php 700000 and promises to pay the principal and interest at 15% compounded monthly. How much must he repay after 7 yrs?

Answer 1

Answer:

A = $ 1,987,379.10 + 700,000= $2,687,379.10

Step-by-step explanation:

15% = 0.15 rate per tear

A = P (1+r/n)^nt

A = 700,000 (1+0.015/12)^12*7

A = 700,000 (1+0.0125)^84

A = 700,000 ((0.9875)^84

A = 700,000 (2.839113)