Mr. Aragon loans P200,000 from a bank with interest at 6% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 yrs. Find the annual payments. a.P55,413.37 b.P54,314.37 c.P54,413.37 d.P45,413.37
Mr. Aragon loans P200,000 from a bank with interest at 6% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 yrs. Find the annual payments. a.P55,413.37 b.P54,314.37 c.P54,413.37 d.P45,413.37
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 8DQ
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Mr. Aragon loans P200,000 from a bank with interest at 6% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 yrs. Find the annual payments.
a.P55,413.37
b.P54,314.37
c.P54,413.37
d.P45,413.37
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