5.What is the regular payment of the annuity if one needs to pay semi-annually, the future...

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Question

5.What is the regular payment of the annuity if one needs to pay semi-annually, the future value is P275,000.00 with an inter

Answer 1

Answer #1

Solution:

Quarterly interest rate = 3% / 4 = 0.75%

Effective semiannual interest rate = 1 * (1+0.0075)^2 = 1.505625%

Future value = P275,000

Nos of semiannual payments = 20

Regular payment of annuity = P275,000 / Cumulative FV factor at 1.505625% for 20 periods

= P275,000 / 23.13648

= P11,886

Answer 2

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