Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HELP ME ANSWER THIS Il. Solve the following problems. 1. A man obtained a mortgage of P800,000.00. if his monthly payment is P7,895.75, find the

HELP ME ANSWER THIS

image text in transcribed
Il. Solve the following problems. 1. A man obtained a mortgage of P800,000.00. if his monthly payment is P7,895.75, find the total amount of interest he paid for a 20-year period. 2. Mr. Cruz purchased a property for P1,200,000 he made a 10% down payment and obtained a 10-year mortgage on the balance. If the monthly payment for his mortgage is P15,995.00. Find the total amount of interest he paid over the 10 years period. 3. Mr. Roque obtains a loan of P60,000.00 to be paid by equal payments at the end of each 3months for 3 years at 8% compounded quarterly. How much is his periodic payment and the total amount of interest he will pay for the loan? 4. a loan of P80,000.00 will be amortized quarterly for 2 years at 8% compounded quarterly. Find the periodic payment and the total amount of interest to be paid for the loan. E

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Algebra And Trigonometry

Authors: Ron Larson

9th Edition

1285605705, 9781285605708

More Books

Students also viewed these Mathematics questions

Question

Verify Equation (9.36).

Answered: 1 week ago