A service car whose cash price was ₱ 540,000 was bought with a down payment of ₱ 162,000 and monthly installments of ₱ 10,874.29 for 5 years. What was the rate of interest (in percent) if it is compounded monthly?
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
A service car whose cash price was ₱ 540,000 was bought with a down payment of ₱ 162,000 and monthly installments of ₱ 10,874.29 for 5 years. What was the rate of interest (in percent) if it is compounded monthly?
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