A car is to be purchased in monthly payments of ₱17 000.oo for 4 years starting at the end of 4 months. How much is the cash value of the car if the interest rate used is 12% converted monthly?
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Answer:
32,640 PESOS
Step-by-step explanation:
PRINCIPAL = 17,000 PESOS
RATE = 12% OR 0.12%
TIME = 4 YEARS AND 4 MONTHS
17,000 PESOS × 0.12% = 2,040 PESOS
2,040 PESOS × 4 YEARS = 8,160 PESOS
8,160 PESOS × 4 MONTHS = 32,640 PESOS