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A man paid 10% down payment of P200,000 for a house and lot and agreed to pay the 90% balance on monthly installments for 60 months at an interest rate of 15% compounded monthly. Compute the amount of the monthly payment.
P42,821.87
P51,643.87
P39,362.58
P24,853.27
Answer:
P42,821.87
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