A friend of yours borrowed an amount of Php 70,000. Based on your conversation, She intends to pay it within one year and based on a monthly basis.

The interest rate of the borrowed money is 24%, compounded quarterly. You were able to lend her the money on July 01, 2021, and she intends to pay the first Amortization at the end of August 2021.

After paying for the 6 months, she intends to pay the remaining balance at the end of the 7th month.

Solve for the following :

1.What is the Amortization Schedule for the loan amounting to 70,000 for a year.

2.What was the Effective rate of interest for the loan.

3.What is the amount that she intends to pay in the 7th month to pay for the debt.