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Imelda borrowed P258,000 from a private lender toward the end of August. A minimum required payment of 4% of the total amount due is required of her. If she pays only the minimum required payment, a financing charge of 0.5% of the remaining balance will be charged to the next bill. Due to other financial constraints, she decided to pay only the minimum required payment for the next months and the financing charge of 0.5% is charged every billing period, show her expected monthly bill for: a. Month of September b. Month of October C Month of November​

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Answer:

Imelda borrowed P258,000 from a private lender toward the end of August. A minimum required payment of 4% of the total amount due is required of her. If she pays only the minimum required payment, a financing charge of 0.5% of the remaining balance will be charged to the next bill. Due to other financial constraints, she decided to pay only the minimum required payment for the next months and the financing charge of 0.5% is charged every billing period, show her expected monthly bill for: a. Month of September b. Month of October C Month of November

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