An engineer bought a car worth Php 662192. He paid a immediate downpayment of Php 15165 a remaining balance with 25 equal monthly payments starting at the end of month 4. How much is e rate is 4 % compunded monthly? Please compute until 4 decimal places

An engineer bought a car worth Php 662192. He paid a immediate downpayment of Php 15165 a remaining balance with 25 equal monthly payments starting at the end of month 4. How much is e rate is 4 % compunded monthly? Please compute until 4 decimal places

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

An engineer bought a car worth Php 662192. He paid a immediate downpayment of Php 15165 and promised to pay the
remaining balance with 25 equal monthly payments starting at the end of month 4. How much is each payment if the interest
rate is 4 % compunded monthly?
Please compute until 4 decimal places

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