A man bought a lot worth P1,000,000 if paid in cash. On the installment basis, he paid a down payment of P200,000 ; P300,000 at the end if one year; P400,000 at the end of three years and a final payment at the end of five years. What was the final pavment if the interest was 20% ?
A man bought a lot worth P1,000,000 if paid in cash. On the installment basis, he paid a down payment of P200,000 ; P300,000 at the end if one year; P400,000 at the end of three years and a final payment at the end of five years. What was the final pavment if the interest was 20% ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A man bought a lot worth P1,000,000 if paid in
cash. On the installment basis, he paid a down
payment of P200,000 ; P300,000 at the end if
one year; P400,000 at the end of three years and
a final payment at the end of five years. What was
the final payment if the interest was 20% ?
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