Ms.Sue was selling a house for a cash price of 5 million pesos but agreed to have it paid on monthly installment for 5 years. If the rate of interest is 4% compounded monthly, how much should the monthly installment be. Assume installments are paid at the end of each month.
Ms.Sue was selling a house for a cash price of 5 million pesos but agreed to have it paid on monthly installment for 5 years. If the rate of interest is 4% compounded monthly, how much should the monthly installment be. Assume installments are paid at the end of each month.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Ms.Sue was selling a house for a cash price of 5 million pesos but agreed to have it paid on monthly installment for 5 years. If the rate of interest is 4% compounded monthly, how much should the monthly installment be. Assume installments are paid at the end of each month.
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