Question

• You are to pay a bill in Meralco every month for 5 years. The accumulated amount of the payment you paid is ₱ 77,061 at a rate of 4% per year. The first payment is done after 4 years. How much are you paying every payment?

note : use these formulas when answering

F = A ( (?+?)^??−?/?)(1+i)^ym
P = A ( ?−(?+?)^−??/?) (1+i)-^ym

Answer 1

Let us assume the monthly payment = A

Accumulated amount = ₱ 77,061

Interest rate = 4% per year

The value of A can be determined as follows

Monthly payment = ₱ 1,162.33.

The first payment is made after 4 years and we are not asked to calculate the present value of the monthly payment. So, no need to convert the value.