You bought a new refrigerator worth Php16,000 from an appliance store that allowed you to make four quarterly payments for it. If the store charges 6% compounded monthly for items NOT bought with a down payment, how much is your quarterly payment?

You bought a new refrigerator worth Php16,000 from an appliance store that allowed you to make four quarterly payments for it. If the store charges 6% compounded monthly for items NOT bought with a down payment, how much is your quarterly payment?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 31P

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You bought a new refrigerator worth Php16,000 from an appliance store that
allowed you to make four quarterly payments for it. If the store charges 6%
compounded monthly for items NOT bought with a down payment, how much is
your quarterly payment?

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