Answered: 3. A service car whose car price was…

3. A service car whose car price was P540,000 was bought with a down payment of P162,000 and monthly installments of P10,847.29 for 5 years. What was the rate of interest if compounded monthly?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

3. A service car whose car price was P540,000 was
bought with a down payment ofP162,000
and monthly installments of P10,847.29 for 5 years,
What was the rate of interest if compounded
monthly?

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