A couple borrowed P 4,000 from a lending company for 6 years at 12%. At the end of 6 years, it renews the loan for the amount due plus P 4,000 more for 3 years at 12%. What is the lump sum due? ANSWER: 16,382.

A couple borrowed P 4,000 from a lending company for 6 years at 12%. At the end of 6 years, it renews the loan for the amount due plus P 4,000 more for 3 years at 12%. What is the lump sum due? ANSWER: 16,382.

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

2. A couple borrowed P 4,000 from a lending company for 6 years at 12%. At the end of 6 years, it renews the loan for the amount due plus P 4,000 more for 3 years at 12%. What is the lump sum due?

ANSWER: 16,382.60

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