# Solution: Find the annual payments of P187,400 loan from a bank with interest at 5% compounded annually

A man loans P187,400 from a bank with interest at 5% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 years. Find the annual payments.

#### Problem Statement: CE Board May 1998

A man loans P187,400 from a bank with interest at 5% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 years. Find the annual payments.

• A. P44,982.04
• B. P56,143.03
• C. P62,334.62
• D. P38,236.04

#### Problem Answer:

The annual payments of P187,400 loan from a bank with interest at 5% compounded annually is P44,982.04.

Solution:

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