A man bought a lot worth P2424737 if paid in cash. By installment, he paid a down payment of P250,000; P584444 at the end of one year; P406358 at the end of 3 years and final payment at the end of five years. What is the final payment if the interest was 20% cpd. annually?

A man bought a lot worth P2424737 if paid in cash. By installment, he paid a down payment of P250,000; P584444 at the end of one year; P406358 at the end of 3 years and final payment at the end of five years. What is the final payment if the interest was 20% cpd. annually?

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 man bought a lot worth P2424737 if paid in cash. By installment, he paid a down payment of P250,000; P584444 at the end of one year; P406358
at the end of 3 years and final payment at the end of five years. What is the final payment if the interest was 20% cpd. annually?

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