A PIECE OF MACHINERY CAN BE BOUGHT FOR P10,000.00 CASH OR FOR P2,000.00 DOWN AND PAYMENTS OF P750 PER YEAR FOR 15 YEARS. WHAT IS THE ANNUAL INTEREST RATE FOR THE TIME PAYMENTS?
A PIECE OF MACHINERY CAN BE BOUGHT FOR P10,000.00 CASH OR FOR P2,000.00 DOWN AND PAYMENTS OF P750 PER YEAR FOR 15 YEARS. WHAT IS THE ANNUAL INTEREST RATE FOR THE TIME PAYMENTS?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:A PIECE OF MACHINERY CAN BE BOUGHT FOR P10,000.00 CASH OR FOR P2,000.00
DOWN AND PAYMENTS OF P750 PER YEAR FOR 15 YEARS. WHAT IS THE ANNUAL
INTEREST RATE FOR THE TIME PAYMENTS?
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