Marcus bought a luxury car worth P2,000,000. He then decides to pay in a 6 year long installment because he is sure to pay P500,000 at the end of 2nd, 4th, and final year. How much down payment will he give if the interest is at 15% compounded semi-annually.

Marcus bought a luxury car worth P2,000,000. He then decides to pay in a 6 year long installment because he is sure to pay P500,000 at the end of 2nd, 4th, and final year. How much down payment will he give if the interest is at 15% compounded semi-annually.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 8P

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