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
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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