Pedro bought a new car today from Barboncito Motors. The former proposed to pay the latter the remaining balance of P700,000.00 in 35 equal monthly payments, with the first installment to be made a month from today, plus a payment of P30,000.00 two months from today. If the interest rate applicable to the transaction is 12% compounded monthly, and assuming that there will be timely payments, how much is the amount of Pedro's Monthly Payment?

Pedro bought a new car today from Barboncito Motors. The former proposed to pay the latter the remaining balance of P700,000.00 in 35 equal monthly payments, with the first installment to be made a month from today, plus a payment of P30,000.00 two months from today. If the interest rate applicable to the transaction is 12% compounded monthly, and assuming that there will be timely payments, how much is the amount of Pedro's Monthly Payment?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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