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A service car whose cash price was P540,000 was bought with a down payment of P162,000 and monthly installment of P10,874.29 for 5 years. What was the rate of interest if compounded monthly?

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

5:40
( Title
A service car whose cash price was
P540,000 was bought with a down
payment of P162,000 and
monthly installment of P10,874.29 for 5
years. What was the rate of interest if
compounded
monthly?
1/1
ET
T
T
17
II

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