Help me to determine the answer and follow the direction.Thank you! A car was bought on installment basis with a monthly installmentof Php10,000 for 60 months. If interest is 12% compounded annuallycalculate the cash price of the car. Situational Problems: Show the required, solution and box your finalanswer on your answer sheets. Variables used outside of the discussionnot be credited with full points unless defined.will

Given, Monthly Installment = Php 10,000 Time (n) = 60 months Rate (R)= 12% Monthly interest…

Answered: A car was bought on installment basis…

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 17SQ

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A car was bought on installment basis with a monthly installment of Php10,000 for 60 months. If interest is 12% compounded annually calculate the cash price of the car.