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1. Gabriel bought a new car worth PhP 2M. He made a downpayment worth "X" pesos. After this, he must pay the balance in equal monthly payments for 5 years starting 3 years from now. If the interest rate is 12% compounded monthly and the monthly payment is worth PhP 50,000, determine the unknown downpayment X. A. PhP 1,586,720 B. PhP 413,280 C. PhP 313,280 D. PhP 1,686,720

1. Gabriel bought a new car worth PhP 2M. He made a downpayment worth "X" pesos. After this, he must pay the balance in equal monthly payments for 5 years starting 3 years from now. If the interest rate is 12% compounded monthly and the monthly payment is worth PhP 50,000, determine the unknown downpayment X. A. PhP 1,586,720 B. PhP 413,280 C. PhP 313,280 D. PhP 1,686,720

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Gabriel bought a new car worth PhP 2M, He made a downpayment worth "X" pesos. After this, he must pay the balance in equal monthly payments for 5 years starting 3 years from now. If the interest rate is 12% compounded monthly and the monthly payment is worth PhP 50,000, determine the unknown downpayment X. A. PhP 1,586,720 B. PhP 413,280 C. PhP 313,280 D. PhP 1,686,720
Transcribed Image Text:1. Gabriel bought a new car worth PhP 2M, He made a downpayment worth "X" pesos. After this, he must pay the balance in equal monthly payments for 5 years starting 3 years from now. If the interest rate is 12% compounded monthly and the monthly payment is worth PhP 50,000, determine the unknown downpayment X. A. PhP 1,586,720 B. PhP 413,280 C. PhP 313,280 D. PhP 1,686,720
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