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An amortized car loan of Php 1,000,000 for purchasing a brand new car is granted to Mr. Enriquez by a bank. The loan is

An amortized car loan of Php 1,000,000 for purchasing a brand new car is granted to Mr. Enriquez by a bank. The loan is to be paid in 5 years at an annual interest rate of 12%. Which of the following will be the value of computed for monthly interest rate? Select the correct response: 1% 10% 12% 5%

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