Answered: Mr. Reyes borrows P600,000 at 12%…

Mr. Reyes borrows P600,000 at 12% compounded annually agreeing to repay the loan in 15 equal annual payments. How much of the original principal is still unpaid after he has made the 8th payment?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EA: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest...

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Mr. Reyes borrows P600,000 at 12% compounded annually agreeing to repay the loan in 15 equal annual payments. How much of the original principal is still unpaid after he has made the 8th payment?

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If the debt is being amortized by equal payments, what is the amortization schedule ?

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Mr. Reyes borrows P600 000 at 12% compounded annually, agreeing to pay the loan in 15 equal annual payments. How much of the original principal is still unpaid after he has made the 8th payment?