A newly-formed business bought a property worth Php14.5M. They paid a down payment Php3M with an agreement to pay the balance in 10 years at 12% compounded quarterly. How ch is the quarterly payment?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1EB: Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the...
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11.
A newly-formed business bought a property worth Php14.5M. They paid a down payment
of Php3M with an agreement to pay the balance in 10 years at 12% compounded quarterly. How
much is the quarterly payment?
11
Transcribed Image Text:11. A newly-formed business bought a property worth Php14.5M. They paid a down payment of Php3M with an agreement to pay the balance in 10 years at 12% compounded quarterly. How much is the quarterly payment? 11
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