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What is the compound amount on a loan of ₱50,000 at 6% for 6 years compounded semi-annually?

Solution

What is the compound amount on a loan of ₱50, 000 at 6% for 6 years compounded semi - annually?

Solution

Amount : 71288.04

Solution steps

Translate the problem into an equation:

A = 50000 (1 + \frac{0.06}{2})^{2 \cdot 6}

50000 (1 + \frac{0.06}{2})^{2 \cdot 6} = 71288.04434 \dots

Round to the nearest hundredth:

71288.04

Amount : 71288.04

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