Gabriel bought a new car worth P2M. He made a downpayment worth “X” pesos. After this, he must pay the balance in equal monthly payments for 5 years starting 3 years from now. If the interest rate is 12% compunded monthly and the monthly payment is worth P50,000, determine the unknown downpayment X.
Gabriel bought a new car worth P2M. He made a downpayment worth “X” pesos. After this, he must pay the balance in equal monthly payments for 5 years starting 3 years from now. If the interest rate is 12% compunded monthly and the monthly payment is worth P50,000, determine the unknown downpayment X.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Gabriel bought a new car worth P2M. He made a downpayment worth “X” pesos. After this, he must pay the balance in equal monthly payments for 5 years starting 3 years from now. If the interest rate is 12% compunded monthly and the monthly payment is worth P50,000, determine the unknown downpayment X.
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