Solution: What does he have to pay at the end of the fifth year in order to pay off his loan?

A young engineer borrowed P10,000 at 12% interest and paid P2,000 per annum for the last 4 years. What does he have to pay at the end of the fifth year in order to pay off his loan?

What does he have to pay at the end of the fifth year in order to pay off his loan?

Problem Statement: EE Board October 1997

A young engineer borrowed P10,000 at 12% interest and paid P2,000 per annum for the last 4 years. What does he have to pay at the end of the fifth year in order to pay off his loan?

  • A. P6,919.28
  • B. P6,292.93
  • C. P6,222.39
  • D. P6,922.93

Problem Answer:

The young engineer must pay P6,919.28 at the end of the fifth year in order to pay off his loan.

Solution:

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