A civil engineering student borrowed P40,000 to meet college expenses during his senior year. He promised to repay the loan with interest at 4.5% in 10 equal semi-annual installments, the first payment to be made 3 years after the date of the loan. How much will be this payment?
A civil engineering student borrowed P40,000 to meet college expenses during his senior year. He promised to repay the loan with interest at 4.5% in 10 equal semi-annual installments, the first payment to be made 3 years after the date of the loan. How much will be this payment?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 8P
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A civil engineering student borrowed P40,000 to meet college expenses during his senior year. He promised to repay the loan with interest at 4.5% in 10 equal semi-annual installments, the first payment to be made 3 years after the date of the loan. How much will be this payment?
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