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Solve the following:
1. Josiah, a fisherman, won a local lottery game. After reserving a portion
of his winning for his family’s immediate expenses, he is left with ₱
150,000.00. He decided to put this in an account providing 3% interest
compounded monthly. He also plans to let the money grow for 5 years,
and then make equal monthly withdrawals for another 5 years until the
money is the account is deleted. How much should be his monthly
withdrawals?
2.A house and lot are to be purchased by paying ₱ 15,500.00 monthly
payable in 25 years. The first payment is due in 1 year. How much is
the cash price of the house and lot if the interest rate is 12% converted
monthly?
3. Kim’s savings may allow her to withdraw ₱ 50,000.00 semi-annually for
5 years starting at the end of 5 years. How much her savings, if the
interest rate is 8%, converted semi-annually?
4. Rodel decided to sell their farm and to deposit the fund in a bank. After
computing the interest, they learned that they may withdraw
₱ 480,000.00 yearly for 8 years starting at the end of 6 years when it is
time for him to retire. How much is the fund deposited if the interest
rate is 5% converted annually?
Solve the following:
1. Josiah, a fisherman, won a local lottery game. After reserving a portion
of his winning for his family’s immediate expenses, he is left with ₱
150,000.00. He decided to put this in an account providing 3% interest
compounded monthly. He also plans to let the money grow for 5 years,
and then make equal monthly withdrawals for another 5 years until the
money is the account is deleted. How much should be his monthly
withdrawals?
2.A house and lot are to be purchased by paying ₱ 15,500.00 monthly
payable in 25 years. The first payment is due in 1 year. How much is
the cash price of the house and lot if the interest rate is 12% converted
monthly?
3. Kim’s savings may allow her to withdraw ₱ 50,000.00 semi-annually for
5 years starting at the end of 5 years. How much her savings, if the
interest rate is 8%, converted semi-annually?
4. Rodel decided to sell their farm and to deposit the fund in a bank. After
computing the interest, they learned that they may withdraw
₱ 480,000.00 yearly for 8 years starting at the end of 6 years when it is
time for him to retire. How much is the fund deposited if the interest
rate is 5% converted annually?
Answers & Comments
(Question) : rate is 5% converted annually?
(Answer) :
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(MY OPINION)
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(Question) : rate is 5% converted annually?
(Answer) :
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(MY OPINION)
#CARRYONLEARNING
Nia chini San nia arigatooo