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Example 9: You borrowed P 50 000 from a bank to buy a mobile phone....

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Accounting

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Example 9: You borrowed P 50 000 from a bank to buy a mobile phone. Assuming you need to repay the loan by equal payments at the end of every 6 months for 3 years at 10% interest compounded semi-annually. What is your periodic payment? Solution: Given: PV = P 50 000, i = 0.10/2, n = 2x3 = 6 50 000 RE = P 9 850.86 5.0757 ACTIVITY 4.4 LOAN AMORTIZATION Using the problem in example 9, construct an amortization schedule by filling up the table below. Show your solutions for column B by using the formula: 1 - Prt. Period Periodic Interest at 10% Amount repaid to Outstanding Payment at the due at the end the Principal at the Principal at the end of every 6 of every 6 end of every 6 end of every 6 months months months months A B D P 50 000.00 0 1 2 3 4 5 6 Total

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