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A man purchased a car with a cash price of P 350,000. He was able to negotiate with the seller to allow him to pay
A man purchased a car with a cash price of P 350,000.
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 48 end of
the month installment at 1.5% interest per month. On the day he
paid the 20th 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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