Gilbert got a loan of P100,000 from a local lending agency at 13% compounded annually. Their agreement is that he will repay the said loan in five years. If each successive payment is P5,000 less than the previous payment, how much will be his first and last payment
Gilbert got a loan of P100,000 from a local lending agency at 13% compounded annually. Their agreement is that he will repay the said loan in five years. If each successive payment is P5,000 less than the previous payment, how much will be his first and last payment
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Gilbert got a loan of P100,000 from a local lending agency at 13% compounded annually. Their agreement is that he will repay the said loan in five years. If each successive payment is P5,000 less than the previous payment, how much will be his first and last payment?
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