Problem Statement: CE Board November 1996
A man paid 10% down payment of P200,000 for a house and lot and agreed to pay the balance on monthly installments for “x” years at an interest rate of 15% compounded monthly. If the monthly installment was P42,821.87, find the value of x?
- A. 3
- B. 4
- C. 5
- D. 6
The number of years is equivalent to 5 years.
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