Today, a corporation sold a new car to Anne. Anne offered to pay the the company the remaining balance of P700,000 in 35 equal monthly payments, the first of which would be made one month from today. In addition, the former suggested making a final payment of P30,000.00 36 months from the date of the agreement. What is the amount of Pedro's monthly payment if the interest rate in effect is 12% compounded monthly and assuming that payments would be made on time
Today, a corporation sold a new car to Anne. Anne offered to pay the the company the remaining balance of P700,000 in 35 equal monthly payments, the first of which would be made one month from today. In addition, the former suggested making a final payment of P30,000.00 36 months from the date of the agreement. What is the amount of Pedro's monthly payment if the interest rate in effect is 12% compounded monthly and assuming that payments would be made on time
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Today, a corporation sold a new car to Anne. Anne offered to pay the the company the remaining balance of P700,000 in 35 equal monthly payments, the first of which would be made one month from today. In addition, the former suggested making a final payment of P30,000.00 36 months from the date of the agreement. What is the amount of Pedro's monthly payment if the interest rate in effect is 12% compounded monthly and assuming that payments would be made on time?
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