A young man bought a second hand car for P150,000.00 in cash. The owner of the car agreed to be paid on instalment basis with a downpayment of P50,000.00, P30,000.00 after the end of one year, P40,000.00 at the end of second year and the final payment to be made after 4 years. Determine the final payment if money is worth 15% per annum
A young man bought a second hand car for P150,000.00 in cash. The owner of the car agreed to be paid on instalment basis with a downpayment of P50,000.00, P30,000.00 after the end of one year, P40,000.00 at the end of second year and the final payment to be made after 4 years. Determine the final payment if money is worth 15% per annum
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A young man bought a second hand car for P150,000.00 in cash. The owner of the car agreed to be paid on instalment basis with a downpayment of P50,000.00, P30,000.00 after the end of one year, P40,000.00 at the end of second year and the final payment to be made after 4 years. Determine the final payment if money is worth 15% per annum
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