[tex]____________________________[/tex]
[tex]\huge\sf\gray{{♤Question♤:}}[/tex]
[tex]____________________________[/tex]
A store advertises a motorcycle for P3,000 downpayment and P3,000 per month for 15 months. If the interest is 15% compounded monthly, what is the actual value of the motorcycle?
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[tex]\huge\sf\gray{{♤Answer♤:}}[/tex]
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The actual value of the motorcycle is 52,218.75
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[tex]\huge\sf\gray{{♤Explanation♤:}}[/tex]
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Down payment=3 000
15 months= 3 000 monthly
interest every month=15%
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First find the value of interest every month.
I=Prt
P=principal
r=rate
t=time/term per year
I=Prt
I=(3000)(.15)(15/24)
I=281.25
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therefore, every month of payment is
3000+281.25=3281.25
3281.25 per month X 15 (15 months)
=49,218.75 + 3000 down payment
=52,218.75
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correct me if i'm wrong
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