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Answered

Suppose you signed into an 8-year loan which is compounded annually at 7%. How

much will you pay if you borrowed Php 20,000.00​

Sagot :

JIEEEEEEEEIN

Given:

n = 8 years

i = 7% compounded annually

P = Php 20,000.00

Solution:

[tex]F = P {(1 + i)}^{n} [/tex]

[tex]F = 20000 {(1 + 0.07)}^{8} [/tex]

F = Php 34,363.72

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