2. An upcoming construction company wants to buy a lot for its new factory for P5,500,000.00. The incorporators agree to pay Php 1,500,000.00 cash and to make the balance of equal monthly payments for 12 years. If money is worth 8%, compounded quarterly, find the amount of each quarterly payment.
2. An upcoming construction company wants to buy a lot for its new factory for P5,500,000.00. The incorporators agree to pay Php 1,500,000.00 cash and to make the balance of equal monthly payments for 12 years. If money is worth 8%, compounded quarterly, find the amount of each quarterly payment.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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