Mr. Green had a housing loan amounting to P2.664,676, and it was to be amortized by a group of 30 end of year payments in an ascending linear progression. Mr. Green had an initial payment of P95,000 during the first end of year. The interest rate of the loan was 15% compounded annually, how much should the increase of payment every year in the amortization?

Mr. Green had a housing loan amounting to P2.664,676, and it was to be amortized by a group of 30 end of year payments in an ascending linear progression. Mr. Green had an initial payment of P95,000 during the first end of year. The interest rate of the loan was 15% compounded annually, how much should the increase of payment every year in the amortization?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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