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fa low cost house and lot worth P 87,000 vere offered at 10% down payment and P 500 per month for 25 years, what is the effective monthly interest rate on the

fa low cost house and lot worth P 87,000 vere offered at 10% down payment and P 500 per month for 25 years, what is the effective monthly interest rate on the

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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If a low cost house and lot worth P 87,000 were offered at 10% down payment and P 500 per month for 25 years, what is the effective monthly interest rate on the diminishing balance? Answer: 0.492%
Transcribed Image Text:If a low cost house and lot worth P 87,000 were offered at 10% down payment and P 500 per month for 25 years, what is the effective monthly interest rate on the diminishing balance? Answer: 0.492%
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