Answered: A business loan of P1,000,000 is to be…

A business loan of P1,000,000 is to be repaid in full after 5 years. What is the amount to be paid if the effective rate of interest is 10% a. 1,150,165 b. 1,165,000 c. 1,165,526 d. 1,610,510

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 business loan of P1,000,000 is to be repaid in full after 5 years. What is the amount to be paid if the effective rate of interest is 10%

a. 1,150,165

b. 1,165,000

c. 1,165,526

d. 1,610,510

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