Solution: Determine the semi-annual payment for a debt of P10,000

A debt of P10,000 with 10% interest compounded semi-annually is to be amortized by semi-annual payment over the next 5 years. The first due in 6 months. Determine the semi-annual payment.

Determine the semi-annual payment for a debt of P10,000

Problem Statement: ECE Board November 1998

A debt of P10,000 with 10% interest compounded semi-annually is to be amortized by semi-annual payment over the next 5 years. The first due in 6 months. Determine the semi-annual payment.

  • A. P1,234.09
  • B. P1,255.90
  • C. P1,275.68
  • D. P1,295.05

Problem Answer:

The semi-annual payment for a debt of P10,000 with 10% interest is P1,295.05.

Solution:

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