A smart watch is purchased with a down payment of P2,000 and the balance will be paid at P2,500 monthly for 12 months at 3% compounded monthly. How much is the outstanding balance? A P4,500.00 P29,518.13 C) P31,518.18 D) P2,500.00

A smart watch is purchased with a down payment of P2,000 and the balance will be paid at P2,500 monthly for 12 months at 3% compounded monthly. How much is the outstanding balance? A P4,500.00 P29,518.13 C) P31,518.18 D) P2,500.00

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 11EB: Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase,...

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Question

A smart watch is purchased with a down payment
of P2,000 and the balance will be paid at P2,500
monthly for 12 months at 3% compounded
monthly. How much is the outstanding balance?
A
P4,500.00
В
P29,518.13
C) P31,518.18
D) P2,500.00

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