14. 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? Ans. P 402,040

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
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Chapter12: Current Liabilities
Section: Chapter Questions
Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...
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Deaw the cash flow diagram for this problem and use equation of value
14 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?
Ans. P 402,040
Transcribed Image Text:14 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? Ans. P 402,040
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