Practice question
For a qualified section 3 buyer, what grace-period rate does RA 6552 prescribe?
- One day for every year paid.
- One year for every month paid.
- One month for every year of installment payments made.
- Thirty days regardless of all years paid.
- Two years for every missed installment.
Legal references
- https://lawphil.net/statutes/repacts/ra1972/ra_6552_1972.html — RA 6552, sections 3–4.
- https://lawphil.net/judjuris/juri2007/jan2007/gr_167452_2007.html — Jestra Development v Pacifico, GR 167452, January 30 2007, main opinion: down-payment schedule and penalty distinction.
- https://lawphil.net/judjuris/juri2019/nov2019/gr_212740_2019.html — Spouses Francisco v Battung, GR 212740, November 13 2019, main opinion: installment value and time.
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