A store sells a washing machine. Renier offers to give a down payment of P5,000 and pay $2,000 at the end of every 3 months for two years. Assuming that the money compounds by 3% monthly, determine the economic value of the washing machine.
A store sells a washing machine. Renier offers to give a down payment of P5,000 and pay $2,000 at the end of every 3 months for two years. Assuming that the money compounds by 3% monthly, determine the economic value of the washing machine.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 15P
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A store sells a washing machine. Renier offers to give a down payment of P5,000 and pay $2,000 at the end of every 3 months for two years. Assuming that the money compounds by 3% monthly, determine the economic value of the washing machine.
Olive converted her loan to light payments which gives her an option to pay P1,500 every quarterly for 6 years. The first payment is due 3 years from now. How much is the amount of the loan if the interest rate is 9% converted quarterly?
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