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Solution: How much must you pay monthly to amortize the loan within a period of 10 years?

(Last Updated On: December 8, 2017)

How much must you pay monthly to amortize the loan within a period of 10 years?

Problem Statement: ME Board October 1994

If you obtain a loan of P1M at the rate of 12% compounded annually in order to build a house, how much must you pay monthly to amortize the loan within a period of 10 years?

  • A. P13,994.17
  • B. P14,801.12
  • C. P13,720.15
  • D. P14,078.78

Problem Answer:

You must pay P13,994.17 monthly to amortize the loan within a period of 10 years.

Solution:

Solution: How much must you pay monthly to amortize the loan within a period of 10 years?

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