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.
This content is for Premium Member. Tired of ads?
Subscribe To Unlock The Content! and Remove Ads.
More Questions in: Engineering Economics (Simple & Compound Interest)
Also Questions in: Engineering Economics (Annuity, Depreciation, Bonds, Breakeven, etc.)