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
The lump sum due is P6,035.00.
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