Question

Php 7,500 payable at the end of each month for 10 years if money is invested at

5% compounded monthly.​

Answer 1

Given : 7500 Payable at the end of each month for 10 years

MOney is invested at 5% compounded annually

To Find : Amount Invested

Solution:

Let say Amount Invested = P

Using EMI formula

EMI Formula = [P x (R/100) x (1+(R/100)ⁿ]/[(1+(R/100)ⁿ-1]

EMI = 7500

R = 5 % per annum = 5/12 % per month

n = 10 Years = 120 Months

=> 7500 =  P x (5/1200) (1 + 5/1200)¹²⁰/((1 + 5/1200)¹²⁰ - 1)

=> P = 7,07,110

7,07,110 to be invested to get 7500 every month for 10 years

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