In purchasing an automatic washing machine worth ₱30,000, Lilian pays ₱8,000 cash and agreed to make 12 equal payments at the end of each month. If interest is charged at 12% converted monthly, what is the monthly payment?

In purchasing an automatic washing machine worth ₱30,000, Lilian pays ₱8,000 cash and agreed to make 12 equal payments at the end of each month. If interest is charged at 12% converted monthly, what is the monthly payment?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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