Your father purchased a townhouse with a cash price of 1.5M. He was able to negotiate with the seller to allow him to pay only a down payment of 20% and the balance payable in equal 60 end of the monthly installment at 1% interest per month. On the day he paid the 30th installment, he decided to pay the remaining balance. How much is the monthly payment and what is the remaining balance that he paid?
Your father purchased a townhouse with a cash price of 1.5M. He was able to negotiate with the seller to allow him to pay only a down payment of 20% and the balance payable in equal 60 end of the monthly installment at 1% interest per month. On the day he paid the 30th installment, he decided to pay the remaining balance. How much is the monthly payment and what is the remaining balance that he paid?
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 38P
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Your father purchased a townhouse with a cash price of 1.5M. He was able to negotiate with
the seller to allow him to pay only a down payment of 20% and the balance payable in equal
60 end of the monthly installment at 1% interest per month. On the day he paid the 30th
installment, he decided to pay the remaining balance. How much is the monthly payment
and what is the remaining balance that he paid?
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