33. A man buys a house and lot worth P2,000,000.00 if paid in cash. He agreed to pay a down payment of P500,000.00 and two installments, P1,000,000.00 at the end of one year and the balance at the end of three years. Determine the amount of his balance if the interest is 22% compounded quarterly.
33. A man buys a house and lot worth P2,000,000.00 if paid in cash. He agreed to pay a down payment of P500,000.00 and two installments, P1,000,000.00 at the end of one year and the balance at the end of three years. Determine the amount of his balance if the interest is 22% compounded quarterly.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:33. A man buys a house and lot worth
P2,000,000.00 if paid in cash. He agreed to pay
a down payment of P500,000.00 and two
installments, P1,000,000.00 at the end of one
year and the balance at the end of three years.
Determine the amount of his balance if the
interest is 22% compounded quarterly.
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