Polly purchased a car. She paid ₱150,000 as down payment and pays ₱5,500 at the end of each month for 48 months. If the interest is 7.8% compounded monthly, how much was the car worth?

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Polly purchased a car. She paid ₱150,000 as down payment and pays ₱5,500 at the end of each month for 48 months. If the interest is 7.8% compounded monthly, how much was the car worth?

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