A man paid 10% down payment ofP200,000 for a house and lot andagreed to pay the balance on monthlyinstallments for "x" years at an interestrate of 15% compounded monthly. Ifthe monthly installment wasP42,821.87, find the value of x?

here find the time by annuity formula which are as follow-

Answered: A man paid 10% down payment of P200,000…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A man paid 10% down payment of P200,000 for a house and lot and agreed to pay the balance on monthly nstallments for "x" years at an interest rate of 15% compounded monthly. If the monthly installment was P42,821.87, find the value of x?