# Solution: How much was initially borrowed if quarterly payment is P2,000.00?

Money borrowed today is to be paid in 6 equal payments at the end of 6 quarters. If the interest is 12% compounded quarterly, how much was initially borrowed if quarterly payment is P2,000.00?

#### Problem Statement: ECE Board April 1998

Money borrowed today is to be paid in 6 equal payments at the end of 6 quarters. If the interest is 12% compounded quarterly, how much was initially borrowed if quarterly payment is P2,000.00?

• A. P10,834.38
• B. P10,278.12
• C. P10,450.00
• D. P10,672.90

The initially borrowed amount is P10,834.38.

Solution:

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