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.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Economics

2. An upcoming construction company wants to buy a lot for its new factory for
P5,500,000.0o. 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.
I
Transcribed Image Text:2. An upcoming construction company wants to buy a lot for its new factory for P5,500,000.0o. 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. I
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