n bought a lot worth ₱1,000,000 if paid in cash. On the installment basis, he paid a down payment of ₱200,000; ₱300,000 at the end of one year; ₱400,000 at the end of three years and a final payment at the end of five years. What was the final payment if interest was 2
n bought a lot worth ₱1,000,000 if paid in cash. On the installment basis, he paid a down payment of ₱200,000; ₱300,000 at the end of one year; ₱400,000 at the end of three years and a final payment at the end of five years. What was the final payment if interest was 2
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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A man bought a lot worth ₱1,000,000 if paid in cash. On the installment basis, he paid a down payment of ₱200,000;
₱300,000 at the end of one year; ₱400,000 at the end of three years and a final payment at the end of five years. What was the final payment if interest was 20%.
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