Mr. Abaya goy P700,000 loan for the expansion of his business payable monthly in 4years. How much os the monthly amortization if
1 answer:
The monthly amortization is P23,511.63
<h2>Compound interest</h2>The formula for calculating the compound interest is expressed as:
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
Calculate the monthly payment:
Monthly payment =
Hence the monthly amortization is P23,511.63
Learn more on compound interest here: brainly.com/question/24924853
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Answer:
Step-by-step explanation:
- In order to combine these two equations, an idea you need to keep in mind is finding a way of setting these equations as equal to each other. I saw that each equation shared a common value,
. In this case, we need to isolate
.
- With this, we now know that both
and
are equal to
- Reply to this if anything I'm saying or doing is confusing in any way, or if you find a mistake. :) Solve for
.
- Hopefully this answer is correct AND makes sense in terms of how I achieved it. Again, reply to this with any questions or mistakes I made and I'll do my best to answer or fix them.