Your parents obtain a car for P1,500,000.00. The agreed payment is 5 years at monthly amortization charging them 8% interest rate. The company required a down payment of 30%. Find the monthly amortization using an excel format.  After paying for 3 years, your parents decided to pay the remaining principal balance, how much is the remaining principal balance at the beginning of 4th year? How much interest did your parent save by paying at the start of 4th year the remaining principal amount? If they decided not to pay the principal starting on the 4th year and continue paying the monthly amortization until the end of term, how much is the total interest to paid?

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A:

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