Mr. Jimenez buys a parcel of land worth P550,000. He pays a P50,000 down payment and the remaining balance is to be paid at the end of each month for 25 years with an interest of 9%, compounded monthly. Find the following: a. Amount of monthly installment. P b. Remaining liability at the end of 10.5 years. P c. Total amount paid for the parcel of land. P d. Total interest paid. P
Mr. Jimenez buys a parcel of land worth P550,000. He pays a P50,000 down payment and the remaining balance is to be paid at the end of each month for 25 years with an interest of 9%, compounded monthly. Find the following: a. Amount of monthly installment. P b. Remaining liability at the end of 10.5 years. P c. Total amount paid for the parcel of land. P d. Total interest paid. P
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 8P
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