Mr. Aragon loans P200,000 from a bank with interest at 6% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 yrs. Find the annual payments. a.P55,413.37 b.P54,314.37 c.P54,413.37 d.P45,413.37

Mr. Aragon loans P200,000 from a bank with interest at 6% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 yrs. Find the annual payments. a.P55,413.37 b.P54,314.37 c.P54,413.37 d.P45,413.37

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EB: Sharapovich Inc. borrowed $50,000 from Kerber Bank and signed a 5-year note payable stating the...

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Question

Mr. Aragon loans P200,000 from a bank with interest at 6% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 yrs. Find the annual payments.

a.P55,413.37

b.P54,314.37

c.P54,413.37

d.P45,413.37

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