A housewife bought a brand new washing machine costing P12,000 if paid in cash. However, she can purchase it on installment basis to be paid within 5 years. If money is worth 8% compounded annually, what is her yearly amortization if all payments are to be made at the beginning of each year?
- A. P2,617.65
- B. P2,782.93
- C. P2,890.13
- D. P2,400.00
The yearly amortization if all payments are to be made at the beginning of each year is P2,400.00.
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