Mark borrows 150000 and promises to pay the principal and interest at 9% compounded monthly. how much must he repay after 5 years?
A. 168,261.17
B. 183,055.37
C. 221,106.84
D. 234,852.15
Need po solution.
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Mark borrows 150000 and promises to pay the principal and interest at 9% compounded monthly. how much must he repay after 5 years?
A. 168,261.17
B. 183,055.37
C. 221,106.84
D. 234,852.15
Need po solution.
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Given:
Principle(P) : 150,000
Annual Rate(R): 9%
Compound(n) : 5 years
Solution:
First Step:
•Convert the Annual Rate as a percent to R as a decimal.
R=R/100
R=9/100
R=0.09 rate per year
Second:
•Solve for A (amount)
A= P(1 + r/n) ^nt
A= 150,000.00(1 + 0.09/12) ^(12)(5)
A= 150,000.00(1 + 0.0075) ^60
A= Php.234,852.15
Amount/Answer:
Php.234,852.15
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