3. To buy a car, Mr. Lopez pays P320,000 down payment and promises to pay P23,450 at the end of each month for 5 years. Suppose money is worth 23% interest compounded monthly: - What is the total cash...

3. To buy a car, Mr. Lopez pays P320,000 down payment and promises to pay P23,450 at the end of each month for 5 years. Suppose money is worth 23% interest compounded monthly:

- What is the total cash price of the car?

- How much is the remaining liability just after the 20th payment?

- How much is the remaining liability just before the 36th payment?

- How much payment at the end of 2 years is needed to cancel Mr. Lopez’

accumulated liability if no monthly payments were ever made?