A farmer brought a tractor costing 25,000 pesos payable in 10 semi-annual payments, each installment payable...
A farmer brought a tractor costing 25,000 pesos payable in 10 semi-annual payments, each installment payable at the beginning of each period. If the rate of interest is 26% compounded semi-annually, determine the amount of each installment.
Homework Answers
Answer:
Cost of Tractor =25,000
Time period =10 semi annual
Intetrest rate =26%
Total amount =25,000*(1+13%/10)10+25000
=63091.93+25,000
=88091
Installment Amount =88091/10 =8809
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