A MAN MADE A LOAN OF PHP 60,000 PAYABLE IN 3 YEARS AT 8% COMPOUNDED QUARTERLY WHAT IS THE PERIODIC INTEREST RATE?A. 2% B.4% C. 1.33% D. 8%
Question
Solution 1
To find the periodic interest rate, we need to use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where: A = the final amount (PHP 60,000) P = the principal amount (PHP 60,000) r = the annual interest rate (unknown) n = the number of times interest is compounded per year (quarterly, so n = Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
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