Problem Statement: EE Board October 1997
A young engineer borrowed P10,000 at 12% interest and paid P2,000 per annum for the last 4 years. What does he have to pay at the end of the fifth year in order to pay off his loan?
- A. P6,919.28
- B. P6,292.93
- C. P6,222.39
- D. P6,922.93
The young engineer must pay P6,919.28 at the end of the fifth year in order to pay off his loan.
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