Answered

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A housewife buys a dining set worth 12400. She pays a down payment of 4,600 and promise to settle the balance in 3 equal payments in 3, 6, 9 month, respectively. If interest is charged at 5% compounded monthly, what will be the size of each payment?

Sagot :

12400-4600= 7800

12400 x .05= 620

7800÷ 3= 2600

2600+620= 3220 php