Jones Corporation borrowed P9, 000 from Brown Corporation on Jan. 1, 1978 and P12, 000 on Jan. 1, 1980. Jones Corporation made a partial payment of P7, 000 on Jan. 1, 1981. It was agreed that the balance of the loan would be amortizes by two payments one of Jan. 1, 1982 and the other on Jan. 1, 1983, the second being 50%larger than the first. If the interest rate is 12%. What is the amount of X?

Jones Corporation borrowed P9, 000 from Brown Corporation on Jan. 1, 1978 and P12, 000 on Jan. 1, 1980. Jones Corporation made a partial payment of P7, 000 on Jan. 1, 1981. It was agreed that the balance of the loan would be amortizes by two payments one of Jan. 1, 1982 and the other on Jan. 1, 1983, the second being 50%larger than the first. If the interest rate is 12%. What is the amount of X?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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