3. Rey borrowed P 40,000 at 12 % compounded semiannually. He agreed to pay the lender semiannually a sum for 8 years and P 6,000 final payment of the 10th year. Find the semiannual payments.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 8P
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3. Rey borrowed P 40,000 at 12 % compounded semiannually. He agreed to pay the
lender semiannually a sum for 8 years and P 6,000 final payment of the 10th
the semiannual payments.
year. Find
Transcribed Image Text:3. Rey borrowed P 40,000 at 12 % compounded semiannually. He agreed to pay the lender semiannually a sum for 8 years and P 6,000 final payment of the 10th the semiannual payments. year. Find
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