A bank loan of P6,000,000 at 10% pa, is to be paid in 10 equal payments, the first of which to be paid two years from now. How much does Mr. Eden still owe to the bank after he has made the 9th payment? a. P 887,702.15 b. P 976,472.37 c. P1,341,153.69 d. P1,211,510

A bank loan of P6,000,000 at 10% pa, is to be paid in 10 equal payments, the first of which to be paid two years from now. How much does Mr. Eden still owe to the bank after he has made the 9th payment? a. P 887,702.15 b. P 976,472.37 c. P1,341,153.69 d. P1,211,510

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A bank loan of P6,000,000 at 10% pa, is to be paid in 10 equal payments, the first of which to be paid two years from now.

How much does Mr. Eden still owe to the bank after he has made the 9th payment?
a. P 887,702.15

b. P 976,472.37

c. P1,341,153.69

d. P1,211,510

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