A man paid a 10% downpayment of P 200,000 for a house and lot and agreed to pay the balance on monthly installments for 10 years at an interest rate of 15% compounded monthly. What was the monthly installment in pesos? P 24329.29 P 27561.29 P 28540.29 P 29040.29

A man paid a 10% downpayment of P 200,000 for a house and lot and agreed to pay the balance on monthly installments for 10 years at an interest rate of 15% compounded monthly. What was the monthly installment in pesos? P 24329.29 P 27561.29 P 28540.29 P 29040.29

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

A man paid a 10% downpayment of P 200,000 for a house and lot and agreed to
pay the balance on monthly installments for 10 years at an interest rate of 15%
compounded monthly. What was the monthly installment in pesos?
P 24329.29
P 27561.29
P 28540.29
P 29040.29

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