Min Corporation's accounting year ends on December 31 of each year. On December 31, 2016 Min Corp. granted a loan to Eunbi in the amount of P250,000 payable in eight equal annual installments with an interest rate of 8% compounded annually. The first installment will be received by Min Corp. one year after. How much would Eunbi pay to Min Corporation each year?
Min Corporation's accounting year ends on December 31 of each year. On December 31, 2016 Min Corp. granted a loan to Eunbi in the amount of P250,000 payable in eight equal annual installments with an interest rate of 8% compounded annually. The first installment will be received by Min Corp. one year after. How much would Eunbi pay to Min Corporation each year?
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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Min Corporation's accounting year ends on December 31 of each year. On December 31, 2016 Min Corp. granted a loan to Eunbi in the amount of P250,000 payable in eight equal annual installments with an interest rate of 8% compounded annually. The first installment will be received by Min Corp. one year after.
How much would Eunbi pay to Min Corporation each year?
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