A man purchased a car with a cash price of P350,000. He was able to negotiate with the seller to allow him to pay only a down payment of 20% and the balance payable in equal 48 end of the month installment at 1.5% interest per month. Once the day he paid the 20th installment, he decided to pay the remaining balance. What is the remaining balance that he paid?

A man purchased a car with a cash price of P350,000. He was able to negotiate with the seller to allow him to pay only a down payment of 20% and the balance payable in equal 48 end of the month installment at 1.5% interest per month. Once the day he paid the 20th installment, he decided to pay the remaining balance. What is the remaining balance that he paid?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter19: The Basic Tools Of Finance

Section: Chapter Questions

Problem 1CQQ

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Question

5:33 Ь
N{ 23%
( Title
A man purchased a car with a cash price
of P350,000. He was able to negotiate with
the seller to
allow him to pay only a down payment of
20% and the balance payable in equal 48
end of the
month installment at 1.5% interest per
month. Once the day he paid the 20th
installment, he
decided to pay the remaining balance.
What is the remaining balance that he
paid?|
1/1
ET
T
T
17
II

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