Davao Transport Company purchased five additional utility buses which were selling at P1,800,000 each. The company made a down payment of P1,500,000, and the balance was payable every end of the month for 8 years. If money was worth 6% compounded monthly, find the size of the monthly payment.

Answer rating: 100% (QA)

To find the size of the monthly payment we can use the formula for the monthly payment of a loan wit... View the full answer