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Polly purchased car. She paid ₱ 150,000.00 as down payment and ₱5,500.00 payable at the beginning of each month for 48 months. Money is worth 12% compound monthly. What is the periodic rate? 1% 12% 0.01% 2%   How many payments must be made? 12 24 6 48   What is the equivalent cash price of the car? ₱210,945.35 ₱340,091.59 360,945.35 ₱490,091.59

Polly purchased car. She paid ₱ 150,000.00 as down payment and ₱5,500.00 payable at the beginning of each month for 48 months. Money is worth 12% compound monthly. What is the periodic rate? 1% 12% 0.01% 2%   How many payments must be made? 12 24 6 48   What is the equivalent cash price of the car? ₱210,945.35 ₱340,091.59 360,945.35 ₱490,091.59

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Polly purchased car. She paid ₱ 150,000.00 as down payment and ₱5,500.00 payable at the beginning of each month for 48 months. Money is worth 12% compound monthly.

What is the periodic rate?

  • 1%
  • 12%
  • 0.01%
  • 2%

 

How many payments must be made?

  • 12
  • 24
  • 6
  • 48

 

What is the equivalent cash price of the car?

  • ₱210,945.35
  • ₱340,091.59
  • 360,945.35
  • ₱490,091.59
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