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Math

Answered

How much is the monthly payment of Mr. Tolentino if he borrowed Php 30 000 payable in 6 years by paying equal sums at the end of each month with interest rate of 5% compounded monthly

Sagot :

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Answer:

₱280.47

Step-by-step explanation:

30,000÷6=5000

5000÷12=416/3

1+0.05=1.05

416/3×1.05= ₱280.47 (rounded to the nearest centavo)

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