A brand new pick-up truck was bought for Php420,000 downpayment and monthly installments of Php15,000 at the end of each month for 4 ½ years. What is the cash price of the truck if money is worth 18% compounded monthly?

A brand new pick-up truck was bought for Php420,000 downpayment and monthly installments of Php15,000 at the end of each month for 4 ½ years. What is the cash price of the truck if money is worth 18% compounded monthly?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A brand new pick-up truck was bought for Php420,000 downpayment and monthly installments of Php15,000 at the end of each month for 4 ½ years. What is the cash price of the truck if money is worth 18% compounded monthly?

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