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A young engineer borrowed P10,000 with 12% interest and paid P2,000 per annum for the last 4 years. What does he have to pay at the end of 5th year in order to pay off his loan?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A young engineer borrowed P10,000 with 12% interest and paid P2,000 per annum for the last 4
years. What does he have to pay at the end of 5th year in order to pay off his loan?

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