A business man loaned P500,000 from a local bank that charges an interest rate of...
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Accounting
A business man loaned P500,000 from a local bank that charges an interest rate of 12%.
A. how much is he going to pay at the end of 5 years if it was made at 12% simple interest.
B. how much is he going to pay at the end of 6 years if it was made at 12% compounded quarterly.
C. how much is he going to pay at the end of 7 years if it was made at 12% compounded continuously.
-this is an continuous compounding
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