Solution: What is the lump sum due?

(Last Updated On: December 8, 2017)

What is the lump sum due?

Problem Statement: ME Board April 1996

A firm borrows P2,000 for 6 years at 8%. At the end of 6 years, it renews the loan for the amount due plus P2,000 more for 2 years at 8%. What is the lump sum due?

  • A. P5,355.00
  • B. P5,892.00
  • C. P6,035.00
  • D. P6,135.00

Problem Answer:

The lump sum due is P6,035.00.

Solution:

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Solution: What is the lump sum due?
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