A man purchased on monthly installment a Php100,000 worth of land. The interest rate is 12% nominal and payable in 20 years. What is the monthly amortization? A Php1 101.08 R Phn1 121.01 C Phn1 152 15 D Phn1 128 12

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter16: The Markets For Labor, Capital, And Land
Section: Chapter Questions
Problem 12P
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A man purchased on monthly installment a Php100,000 worth of land. The interest rate is
12% nominal and payable in 20 years. What is the monthly amortization?
A. Php1,101.08
B. Php1,121.01
C. Php1,152.15
D. Php1,128.12
Transcribed Image Text:A man purchased on monthly installment a Php100,000 worth of land. The interest rate is 12% nominal and payable in 20 years. What is the monthly amortization? A. Php1,101.08 B. Php1,121.01 C. Php1,152.15 D. Php1,128.12
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