Company A borrowed P9, 000, 000, 000 from Wordly Bank on Jan. 1, 2018 and P12, 000,000,000 on Jan. 1, 2020. Lee Corporation made a partial payment of P7, 000,000,000 on Jan. 1, 2021. It was agreed that the balance of the loan would be amortizes by two payments one of Jan. 1, 2022 and the other on Jan. 1, 2023, the second being twice that of the first. If the interest rate is 12%, what is the amount of each payment?

Company A borrowed P9, 000, 000, 000 from Wordly Bank on Jan. 1, 2018 and P12, 000,000,000 on Jan. 1, 2020. Lee Corporation made a partial payment of P7, 000,000,000 on Jan. 1, 2021. It was agreed that the balance of the loan would be amortizes by two payments one of Jan. 1, 2022 and the other on Jan. 1, 2023, the second being twice that of the first. If the interest rate is 12%, what is the amount of each payment?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 10MC: On January 1, 2019, Park Company accepted a 36,000, non-interest-bearing, 3-year note from a major...

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