Mr. Jones borrowed P 20,000 from a lending firm and an additional P 5,000 after 2 months. He paid P 10,000 after 1 year and an additional payment of P 12,000 at the 18th month. The lending firm demanding Mr. Jones to pay all at the end of 2 years. If interest is 12% compounded monthly, how much will Mr. Jones pay at the end of 2 years. Note: The reference of all the time is the time P20,000 is borrowed.
Mr. Jones borrowed P 20,000 from a lending firm and an additional P 5,000 after 2 months. He paid P 10,000 after 1 year and an additional payment of P 12,000 at the 18th month. The lending firm demanding Mr. Jones to pay all at the end of 2 years. If interest is 12% compounded monthly, how much will Mr. Jones pay at the end of 2 years. Note: The reference of all the time is the time P20,000 is borrowed.
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
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Mr. Jones borrowed P 20,000 from a lending firm and an additional P 5,000 after 2 months. He paid P 10,000 after 1 year and an additional payment of P 12,000 at the 18th month. The lending firm demanding Mr. Jones to pay all at the end of 2 years. If interest is 12% compounded monthly, how much will Mr. Jones pay at the end of 2 years. Note: The reference of all the time is the time P20,000 is borrowed.
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