Solution: If the monthly installment was P42,821.87, find the value of x?

A man paid 10% down payment of P200,000 for a house and lot and agreed to pay the balance on monthly installments for “x” years at an interest rate of 15% compounded monthly.

If the monthly installment was P42,821.87, find the value of x?

Problem Statement: CE Board November 1996

A man paid 10% down payment of P200,000 for a house and lot and agreed to pay the balance on monthly installments for “x” years at an interest rate of 15% compounded monthly. If the monthly installment was P42,821.87, find the value of x?

  • A. 3
  • B. 4
  • C. 5
  • D. 6

Problem Answer:

The number of years is equivalent to 5 years.

Solution:

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