John-X Corporation borrowed P9,000 from Bell-Z Corporation on Jan. 1, 1978 and P12,000 on Jan. 1, 1980. John-X Corporation made a partial payment of P7,000 on Jan. 1, 1981. It was agreed that the balance of the loan would be amortized by two payments, one on 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 first payment?
John-X Corporation borrowed P9,000 from Bell-Z Corporation on Jan. 1, 1978 and P12,000 on Jan. 1, 1980. John-X Corporation made a partial payment of P7,000 on Jan. 1, 1981. It was agreed that the balance of the loan would be amortized by two payments, one on 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 first payment?
Chapter2: Loads On Structures
Section: Chapter Questions
Problem 1P
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