Today, Cari purchased a car worth P1.5 million. A down payment of P150,000.00 has been made, and the remaining balance is to be amortized through 36 payments to be made at the end of each month, with the first payment due one month after the car was purchased. The interest on the outstanding balance is 6.5% compounded monthly. a. Determine the required monthly payments to retire the debt. b. Construct the first five rows of the table showing the amortization of the loan.
Today, Cari purchased a car worth P1.5 million. A down payment of P150,000.00 has been made, and the remaining balance is to be amortized through 36 payments to be made at the end of each month, with the first payment due one month after the car was purchased. The interest on the outstanding balance is 6.5% compounded monthly. a. Determine the required monthly payments to retire the debt. b. Construct the first five rows of the table showing the amortization of the loan.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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