Yukihira paid a 10% down payment of P200,000 for a restaurant and agreed to pay the balance of monthly installment for 60 months at an interest rate of 15% compounded monthly. What is the monthly installment?

Yukihira paid a 10% down payment of P200,000 for a restaurant and agreed to pay the balance of monthly installment for 60 months at an interest rate of 15% compounded monthly. What is the monthly installment?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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Concept explainers

Calculating the Return On A Loan

Question

P341,918
Yukihira paid a 10% down payment of P200,000 for a restaurant and agreed to
pay the balance of monthly installment for 60 months at an interest rate of 15%
compounded monthly. What is the monthly installment?
P49,770.65
O P44,372.07
P47,491.04
P42,821.8

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