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Question 10

Question 10

FINANCIAL ACCOUNTING
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 Mr. Torres paid PhP200,000 as downpayment for a farm. The remaining amount is to be settled by paying PhP16,200 at the end of each month for 5 years. If interest is 5% compunded semi-annually, what is the cash price of his farm? Note: Round-off the equivalent rate to 6 decimal places. A) PhP959,517.41 B PhP859,517.41 C PhP1,159,517.41 (D) PhP1,059,517.41
Transcribed Image Text:Question 10 Mr. Torres paid PhP200,000 as downpayment for a farm. The remaining amount is to be settled by paying PhP16,200 at the end of each month for 5 years. If interest is 5% compunded semi-annually, what is the cash price of his farm? Note: Round-off the equivalent rate to 6 decimal places. A) PhP959,517.41 B PhP859,517.41 C PhP1,159,517.41 (D) PhP1,059,517.41
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