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?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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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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