A man loans P 187,400 from a bank with interest at 5% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 years. Find the annual payments ? | MCQ Hive

Civil Engineering MCQs

Q A man loans P 187,400 from a bank with interest at 5% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 years. Find the annual payments ?

A A. P 43,600.10
B B. P 43,489.47
C C. P 43,263.91
D D. P 43,763.20

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