M purchased a small lot in a subdivision. paying P200 000 down and promising to pay P15 000 every 3 months for the next 10 years. The seller figured interest at 12% compounded quarterly. (a) What was the cash price of the lot? (b) If M missed the first 12 payments what must he pay at the time the 13th is due to bring himself up to date? (c) After making 8 payments. M wished to discharge his remaining indebtedness by a single payment at the time when the 9th regular payment was due what must he pay in addition to the regular payment then due?
M purchased a small lot in a subdivision. paying P200 000 down and promising to pay P15 000 every 3 months for the next 10 years. The seller figured interest at 12% compounded quarterly.
(a) What was the cash
(b) If M missed the first 12 payments what must he pay at the time the 13th is due to bring himself up to date?
(c) After making 8 payments. M wished to discharge his remaining indebtedness by a single payment at the time when the 9th regular payment was due what must he pay in addition to the regular payment then due?
(d) If M missed the first 10 payments what must he pay when the 11th payment is due to discharge his entire indebtedness?
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