Based on the question above, how much is the down payment? 2. Based on the question above, how much is the outstanding balance after the down payment? 3. Based on the question above, how much is the periodic payment for period 1?
Write the correct answer of the following question. Answer should be written in this format and rounded off to 2 decimal place: (Ex: Php987,654.321 should be written as Php987,654.32). If the answer is fixed number, no need to write down the 2 zeroes.
Question: Waleed just purchased a second hand car for Php120,000. He was able to make a down payment equal to 25% of the value of the car; the balance was mortgaged. The rate by the bank is 10% compounded annually. The mortgage has a 20 year amortization period.
1. Based on the question above, how much is the down payment?
2. Based on the question above, how much is the outstanding balance after the down payment?
3. Based on the question above, how much is the periodic payment for period 1?
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