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Determine the unknown down payment X

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Question - Gabriel bought a new car worth PhP 2M. He made a down payment worth "X" pesos. After this, he must pay the balance in equal monthly payments for 5 years starting 3 years from now. If the interest rate is 12% compounded monthly and the monthly payment is worth PhP 50,000, determine the unknown down payment X.

Reference no: EM133126978

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