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What is the total collection on Jan

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Q1. On Sept 30,2015, Barry bought a car for P3,600,000. A down payment of P1,600,000 was made, with the balance due in 10 monthly installments, the first to be made at the end of October, Barry is to make monthly payments of P200,000 plus interest on the unpaid balance at 12%. What is the total collection on Jan 31, 2016?

Q2. Using the same information in the previous problem and Barry is to make equal monthly payments, each payment to apply first as interest at 12% on the unpaid principal and the balance as a reduction in principal, such equal payments are calculated to be P211,164.15. What is the unpaid balance of the installment receivable on January 31, 2016?

Reference no: EM132805048

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