SOLUTION: Three friends buy a second-hand equipment that costs PhP 120,000. They give a downpayment of PhP 40,000 and agree to settle the balance in 24 monthly payments. If the interest rate

Question 1181664: Three friends buy a second-hand equipment that costs PhP 120,000. They give a downpayment of PhP 40,000 and agree to settle the balance in 24 monthly payments. If the interest rate is 6% converted monthly, find the payments due at the end of each month.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=m(1-(1+(.06/12))^(-24))/(.06/12)
80000=m(1-1.005^24)/0.005
400=m(0.1128) round at end
m=3545.65
general formula
principal=monthly payment(1-(1+(r/n))^-nk/(r/n)
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