Engr. Fernandez buys a second hand car worth Php 250,000 if paid in cash. On installment basis, she pays Php 120,000 down payment, Php 50,000 at the end of one year, Php 40,000 at the end of two years and a final payment at the end of four years. Find the final payment if interest is 10%.

 How much should Engr. Fernandez deposit now, if after 12 years, this will amount to Php 80,000. Interest rate is 8% compounded quarterly?

Answer rating: 100% (QA)

Solving for the Final Car Payment and Future Deposit Part 1 Final Car Payment We can solve this problem by calculating the remaining balance after the ... View the full answer