calls for a pay nounded a

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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A contract calls for a payment of P1,200 at the beginning of each month for 12 months. At
what rate compounded annually would this agreement be equivalent to a cash payment of P
10,000?
Select one
O a 12.45%
O b. 12%
Oc 10%
O d 13.63%
Transcribed Image Text:A contract calls for a payment of P1,200 at the beginning of each month for 12 months. At what rate compounded annually would this agreement be equivalent to a cash payment of P 10,000? Select one O a 12.45% O b. 12% Oc 10% O d 13.63%
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