Question

A debt of P15,000 with interest at 5% compounded monthly is to be amortized by equal monthly
payments over the next 3 years, the first due next month. Find the monthly payment and construct an
amortization schedule.

Answer 1

$C_c=F_c+P_{o,m}$

$F_c= initial \space debt$

and 

$p_{o,m}=A/i$

$i=interest =15\%$

$P_o,m=2777777.778$

$C_c=(15000\times5)+2777777.778$

$C_c=352777.7789\space answer$