A young engineer borrowed P 10,000 at 12% interest and paid P 2,000 per annum for the first four years. What does he have to pay the end of the 5th year in order to pay off the loan? A. 6,922.93. B. 9.622.93 C. 6,292.93 D. 9,262.93

A young engineer borrowed P 10,000 at 12% interest and paid P 2,000 per annum for the first four years. What does he have to pay the end of the 5th year in order to pay off the loan? A. 6,922.93. B. 9.622.93 C. 6,292.93 D. 9,262.93

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

10. A young engineer borrowed P 10,000 at 12% interest and paid P 2,000 per annum for the first four years. What does he have to pay the end of the 5th year in order to pay off the loan? A. 6,922.93. B. 9.622.93 C. 6,292.93 D. 9,262.93

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