Question

A young engineer borrowed P21,552 at 10% interest and paid P3,735 per annum for the last 3 years. What does he have to pay (in pesos) at the end of the following year in order to pay off his loan?

Answer 1

Answer:

Explanation:

PV=21552

3735*3=11205 paid off

n=4 years

if we find FV, it is equal to 31554.3 (amount to be paid)

Already paid 11205, so 31554-11205=$20349 needed to pay at the end of 4th year