Answer:
[tex]\huge \red{\overline{ \qquad \qquad \qquad \qquad \qquad}}[/tex]
A consumer loan worth P80,000 is to be repaid in 12 months at 8% convertible monthly. How much is the monthly payment?
[tex] \sf{ \underline{Solution:}}[/tex]
[tex] \sf{Given:}[/tex]
[tex]P=P80,000 \: \: {i}^{(n)} = 0.08 \: \: j = \frac{{j}^{12} }{12} \\
= \frac{0.8}{12} = 0.0067 \: \: n = 12[/tex]
[tex] \sf{Find:}[/tex]
The regular payment R
[tex]R = \large \frac{ \frac{P}{1 -(1 + j) ^{ - n} } }{j} = \frac{ \frac{{P80,000}}{1 - (1 + 0.0067) ^{ - 12} } }{ 0.0067} = \small{6,961.04}[/tex]
The monthly payment is [tex] {\green{ \underline \red {6,961.04}}}[/tex]
[tex]\huge \red{\overline{ \qquad \qquad \qquad \qquad \qquad}}[/tex]
Step-by-step explanation:
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