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