An equipment which costs ₱ 40,000 is to be purchased through a series of 10 semi-annual payments in which the first payment is due 6 months after the equipment is released. The first 6 payments will be ₱6,000 each, while the remaining 4 equal payments will liquidate the remaining balance. What is the amount of the last 4 payments if the interest rate is 15% compounded semi-annually

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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An equipment which costs ₱ 40,000 is to be purchased through a series of 10 semi-annual payments in which the first payment is due 6 months after the equipment is released. The first 6 payments will be ₱6,000 each, while the remaining 4 equal payments will liquidate the remaining balance. What is the amount of the last 4 payments if the interest rate is 15% compounded semi-annually?
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