Mr. Jones borrowed P 20,000 from a lending firm and an additional P 5,000 after 2 months. He paid P 10,000 after 1 year and an additional payment of P 12,000 at the 18th month. The lending firm demanding Mr. Jones to pay all at the end of 2 years. If interest is 12% compounded monthly, how much will Mr. Jones pay at the end of 2 years. Note: The reference of all the time is the time P20,000 is borrowed.

Mr. Jones borrowed P 20,000 from a lending firm and an additional P 5,000 after 2 months. He paid P 10,000 after 1 year and an additional payment of P 12,000 at the 18th month. The lending firm demanding Mr. Jones to pay all at the end of 2 years. If interest is 12% compounded monthly, how much will Mr. Jones pay at the end of 2 years. Note: The reference of all the time is the time P20,000 is borrowed.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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