A house and lot is worth P2,000,000.00. If purchased on installment, it requires 10% down payment and a monthly installment of P42,82187 for x years. If the interest rate is 15% compounded monthly find the value of x.

A house and lot is worth P2,000,000.00. If purchased on installment, it requires 10% down payment and a monthly installment of P42,82187 for x years. If the interest rate is 15% compounded monthly find the value of x.

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

A house and lot is worth P2,000,000.00. If purchased on
installment, it requires 10% down payment and a monthly
installment of P42,82187 for x years. If the interest rate is 150%
compounded monthly find the value of x.

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