Question
Polly purchased car. She paid 150,000.00 as down payment and 5,500.00 payable at the beginning of each month for 48 months. Money is worth
Polly purchased car. She paid ₱ 150,000.00 as down payment and ₱5,500.00 payable at the beginning of each month for 48 months. Money is worth 12% compound monthly.
- What is the periodic rateⱾ
- 1%
- 12%
- 0.01%
- 2%
- How many payments must be madeⱾ
- 12
- 24
- 6
- 48
- What is the equivalent cash price of the carⱾ
- ₱210,945.35
- ₱340,091.59
- 360,945.35
- ₱490,091.59
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Principles of Accounting
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
12th edition
978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985
