Answered: A P35,000 debt is to be paid off in…

A P35,000 debt is to be paid off in eight equal yearly payments, each combining an amortization installment and interest at 10% compounded quarterly. What should be the amount of each payment?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 26P

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A P35,000 debt is to be paid off in eight equal yearly payments, each combining an amortization installment and interest at 10% compounded quarterly. What should be the amount of each payment?

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