15

compounded semi-annually, determine the unknown nominal rate and the corresponding effective rate. 15. A man bought a lot worth Php 1,000,000 if paid in cash. On the installment basis, he paid a down payment of Php 200,000; Php 300,00 at the end of one year, Php 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%