Pedro bought a new car today from Barboncito Motors. The former proposed to pay the latter the remaining balance of P800,000.00 in 35 equal monthly payments, with the first installment to be made one month from today, plus one final payment of P50,000.00 at the end of 36 months from date of agreement. If the interest rate applicable to the transaction is 12% compounded monthly, and assuming that there will be timely payments, how much is the amount of Pedro's Monthly Payment ?
Pedro bought a new car today from Barboncito Motors. The former proposed to pay the latter the remaining balance of P800,000.00 in 35 equal monthly payments, with the first installment to be made one month from today, plus one final payment of P50,000.00 at the end of 36 months from date of agreement. If the interest rate applicable to the transaction is 12% compounded monthly, and assuming that there will be timely payments, how much is the amount of Pedro's Monthly Payment ?
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5Q: If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the...
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![1. Pedro bought a new car today from Barboncito Motors. The former proposed to
pay the latter the remaining balance of P800,000.00 in 35 equal monthly
payments, with the first installment to be made one month from today, plus one
final payment of P50,000.00 at the end of 36 months from date of agreement. If
the interest rate applicable to the transaction is 12% compounded monthly, and
assuming that there will be timely payments, how much is the amount of Pedro's
Monthly Payment ?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7b755e51-68ce-4305-ac37-f4649463c1bf%2Fc39e2663-b4dd-4946-9ba7-69399fe21eb5%2Fq61lean_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1. Pedro bought a new car today from Barboncito Motors. The former proposed to
pay the latter the remaining balance of P800,000.00 in 35 equal monthly
payments, with the first installment to be made one month from today, plus one
final payment of P50,000.00 at the end of 36 months from date of agreement. If
the interest rate applicable to the transaction is 12% compounded monthly, and
assuming that there will be timely payments, how much is the amount of Pedro's
Monthly Payment ?
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