45. CE BD 1996. A service car whose cash price was P 540,000 was bought with a down payment of P 162,000 and monthly payments of P 10,874.29 for 5 years. What is the rate of interst if compounded monthly? a. 20% b. 26% c. 24% d. 22% Solution: A 12 1+4) _ 1!" LL 60 '. P 540.000 F 162000 + P 10874.29 L (a_ 12 By shift solve 43:0.24x100 : 24