A businessman borrowed P220,000 with interest at the rate of 4.2% compounded semi-annually. He agrees to discharge his obligation by paying a series of 8 equal semi-annual payments, the first being due at the end of 6.6 years. Find the semi-annu payment Express your answer in whole number.

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 25E
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A businessman borrowed P220,000 with interest at the rate of 4.2% compounded semi-annually. He agrees to discharge his obligation by paying a series of 8 equal semi-annual payments, the first being due at the end of 6.6 years. Find the semi-annual
payment.
Express your answer in whole number.
Transcribed Image Text:A businessman borrowed P220,000 with interest at the rate of 4.2% compounded semi-annually. He agrees to discharge his obligation by paying a series of 8 equal semi-annual payments, the first being due at the end of 6.6 years. Find the semi-annual payment. Express your answer in whole number.
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