Reference no: EM132948027
Questions -
-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.
-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.
-Today, John is investing P12,500 in a fund that earns 14% simple interest. Find the total amount in the fund at the end 150 days using: (a) ordinary conversion; (b) exact conversation.
-What should be your principal today so that it accumulates to P50,000 after 3 years if the rate is: (a) 16% simple interest; (b) 12% compounded monthly?
-Anna plans to deposit P7500 every 6 months for 3 years in a fund that earns 18% compounded semi-annually. Determine the amount in the fund at the end of 3 years then prepare a complete sinking fund table.
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