A loan association requires that loans be repaid by uniform monthly payments which includes monthly interest calculated on the basis of nominal 5.4% per annum. If Php 5000 is borrowed to be repaid in 10 years, what must be the monthly payment? a. Php 79.12 b. Php 65.31 c. Php 86.55 d. Php 54.02

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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A loan association requires that loans be repaid by uniform monthly payments which includes monthly interest calculated on the basis of nominal 5.4% per annum. If Php 5000 is borrowed to be repaid in 10 years, what must be the monthly payment?

a. Php 79.12
b. Php 65.31
c. Php 86.55
d. Php 54.02
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