A man paid 10% down payment of P1,500,000 for a house and lot this month of January. The rate of interest is 15% compounded semi-annually. He agrees to pay after 3 months his balance on a 6 monthly installment. Compute for the following. (1) Effective Interest C = K = leff (4 decimal places) = (2) Amount of the Monthly Installment =

A man paid 10% down payment of P1,500,000 for a house and lot this month of January. The rate of interest is 15% compounded semi-annually. He agrees to pay after 3 months his balance on a 6 monthly installment. Compute for the following. (1) Effective Interest C = K = leff (4 decimal places) = (2) Amount of the Monthly Installment =

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 10PROB

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