JL Bank offers a business loan with an initial amount of 6,000,000 pesos at a rate of 3% compounded monthly for 7 years. Find the periodic payment and construct an amortization schedule. Initial amount (A) – 6,000,000 Monthly Payment (R) – 79,279.80073 Rate of Interest (r) – 3% or 0.03 Compounding Period (n) – 12 Year/s (y) – 7 Number of Payments (N) – 84

JL Bank offers a business loan with an initial amount of 6,000,000 pesos at a rate of 3% compounded monthly for 7 years. Find the periodic payment and construct an amortization schedule. Initial amount (A) – 6,000,000 Monthly Payment (R) – 79,279.80073 Rate of Interest (r) – 3% or 0.03 Compounding Period (n) – 12 Year/s (y) – 7 Number of Payments (N) – 84

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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