Determine the outstanding balance of an electronic gadget which was bought with a down payment of P20,000 and a regular payment of P2799 every month for 24 months at 2 1/2% compounded monthly. A P65,457.77 B) P88,810.28 C) P68,810.28 D P85,457.77

Determine the outstanding balance of an electronic gadget which was bought with a down payment of P20,000 and a regular payment of P2799 every month for 24 months at 2 1/2% compounded monthly. A P65,457.77 B) P88,810.28 C) P68,810.28 D P85,457.77

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 26P

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Question

Determine the outstanding balance of an electronic gadget which was bought with a down payment of P20,000 and a regular
payment of P2799 every month for 24 months at 2 1/2% compounded monthly.
(A) P65,457.77
B P88,810.28
P68,810.28
P85,457.77

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