uan bought a cellphone with a cash value of P14,000+100 on the installment plan under the following terms: P4000 cash upon delivery and the balance payable in 12 equal monthly payments, each payment combining an amortization installment and 6% monthly interest on the previously unpaid balance. (a) solve for each monthly payment. (b) at the end of 8 months, he was forced to sell the cellphone in order to pay a P7,000 debt. At what price must he sell his cellphon
uan bought a cellphone with a cash value of P14,000+100 on the installment plan under the following terms: P4000 cash upon delivery and the balance payable in 12 equal monthly payments, each payment combining an amortization installment and 6% monthly interest on the previously unpaid balance. (a) solve for each monthly payment. (b) at the end of 8 months, he was forced to sell the cellphone in order to pay a P7,000 debt. At what price must he sell his cellphon
Chapter1: Making Economics Decisions
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Problem 1QTC
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Juan bought a cellphone with a cash value of P14,000+100 on the installment plan under the following terms: P4000 cash upon delivery and the balance payable in 12 equal monthly payments, each payment combining an amortization installment and 6% monthly interest on the previously unpaid balance. (a) solve for each monthly payment.
(b) at the end of 8 months, he was forced to sell the cellphone in order to pay a P7,000 debt. At what price must he sell his cellphone so that he can completely pay the cellphone and also pay his P7,000 debt.?
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