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You availed of a car company's promo of zero percent down payment for their Php1.2 million-SUV payable monthly for 5 years with 10% interest compounded monthly. After paying for the car for tv and-half years, you decided to pay-off your entire outstanding balance to save on interests. Howm are you going to pay after completing payment for two-and-half years of the chattel mortgage?

You availed of a car company's promo of zero percent down payment for their Php1.2 million-SUV payable monthly for 5 years with 10% interest compounded monthly. After paying for the car for tv and-half years, you decided to pay-off your entire outstanding balance to save on interests. Howm are you going to pay after completing payment for two-and-half years of the chattel mortgage?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You availed of a car company's promo of zero percent down payment for their Php1.2 million-SUV payable monthly for 5 years with 10% interest compounded monthly. After paying for the car for two- and-half years, you decided to pay-off your entire outstanding balance to save on interests. How much are you going to pay after completing payment for two-and-half years of the chattel mortgage?
Transcribed Image Text:You availed of a car company's promo of zero percent down payment for their Php1.2 million-SUV payable monthly for 5 years with 10% interest compounded monthly. After paying for the car for two- and-half years, you decided to pay-off your entire outstanding balance to save on interests. How much are you going to pay after completing payment for two-and-half years of the chattel mortgage?
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