Determine credit card balance by preparing statement

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Problem 1: Daniel owes a financing firm P28,000 today and will settle this through quarterly payments for 2 years. If the rate is 18% compounded quarterly, determine his quarterly payment then show amortization schedule.

Problem 2: Mr. Lee's credit card balance as of April 30 was P17,984.28. The credit card company charges 3.5% interest per month, allows a minimum amount due of 15% of the previous balance but charges 7.5% of the minimum amount due for late payments. Mr. Lee made a total purchase of P9,785.36 for the month of May. Due also is the 1st of his 6 installments of P2,342 each. He made a late payment of P20,000 in May. Determine his credit card balance by preparing his statement as of May 31.

Reference no: EM132898747

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