Mr. Lee purchased a small condominium. He paid P350,000 as down payment and agreed to pay P35,000 every 3 months for 5 years. The seller figured interest is at 12% compounded quarterly. If Mr. Lee missed the first 5 payments, what must he pay at the 6th payment to keep him up to date? a.)P284,031.62 b.)P356,450.23 c.)P250,856.33 d.)P226,394.35

Mr. Lee purchased a small condominium. He paid P350,000 as down payment and agreed to pay P35,000 every 3 months for 5 years. The seller figured interest is at 12% compounded quarterly. If Mr. Lee missed the first 5 payments, what must he pay at the 6th payment to keep him up to date? a.)P284,031.62 b.)P356,450.23 c.)P250,856.33 d.)P226,394.35

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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