A man will buy a house and lot worth P300,000 in a subdivision in Metro Manila. His carrying charges is P34,200 to the price of this house and lot. Further he will be obliged to pay it over a period of 20 years. Though his monthly amortization does not look much as a burden to his income, what is the annual rate?

A man will buy a house and lot worth P300,000 in a subdivision in Metro Manila. His carrying charges is P34,200 to the price of this house and lot. Further he will be obliged to pay it over a period of 20 years. Though his monthly amortization does not look much as a burden to his income, what is the annual rate?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 23P

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