Engineering Board Exam Reviewer · Loan Amortization · medium

A housing loan of P2,000,000 at 9% compounded monthly is paid in equal monthly payments over 15 years. Find the monthly payment.

  1. P20,676.48
  2. P26,111.11
  3. P11,111.11
  4. P20,285.33

Answer

D. P20,285.33

Solution

i=0.09/12=0.0075 and n=15(12)=180. A=2,000,000≤ft[ 0.00751-1.0075-180 ]=2,000,000(0.010143)=P20,285.33.

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