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grandymaker [24]
2 years ago
15

Mr. Abaya goy P700,000 loan for the expansion of his business payable monthly in 4years. How much os the monthly amortization if

the interest rate is 12% compounded monthly
Mathematics
1 answer:
Vaselesa [24]2 years ago
8 0

The monthly amortization is P23,511.63

<h2>Compound interest</h2>

The formula for calculating the compound interest is expressed as:

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

whrere:

  • P is the principal = P700,000
  • r is the rate = 12% = 0.12
  • t is the time = 4 years
  • n = 12

Substitute the parameters

A = 700000(1+0.12/12)^{4(12)}\\&#10;A = 700,000(1.01)^{48}\\&#10;A =1,128,558.25

Calculate the monthly payment:

Monthly payment = \frac{1,128,558.25}{48} =23,511.63

Hence the monthly amortization is P23,511.63

Learn more on compound interest here: brainly.com/question/24924853

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\huge \bf༆ Answer ༄

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