Ken is paying P2,500 every 3 months for the amount he borrowed at an interest rate of 8% compounded quarterly. How much did he borrowed if he agreed that the loan will be paid in 2 years and 6 months?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
icon
Related questions
Question
Ken is paying P2,500 every 3 months for the amount he borrowed at an interest rate of 8% compounded quarterly. How much did he borrowed if he agreed that the loan will be paid in 2 years and 6 months?
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer