A young engineer borrowed P 10,000 at 12% interest and paid P 2,000 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 ?

Related Mcqs:

Which is NOT an essential element of an ordinary annuity ?

A. The amounts of all payments are equal. B. The payments are made at equal interval of time. C. The first payment is made at the beginning of the first period. D. Compound interest is paid on all amounts in the annuity....

What market situation exists where there are few sellers and few buyers ?

A. Oligopoly B. Oligopsony C. Bilateral oligopoly D. Bilateral Oligopsony...

A sum of P1,000 is invested now and left for eight years, at which time the principal is withdrawn. The interest has accrued is left for another eight years. If the effective annual interest rate is 5%, what will be the withdrawal amount at the end of the 16th year ?

A. P693.12 B. P700.12 C. P702.15 D. P705.42...

What type of bond which can be redeemed before maturity date ?

A. Preferred bond B. Registered bond C. Incorporators bond D. Callable bond...

What is the main reason why the sinking fund method of computing depreciation is seldom used in the industry ?

A. Unstable economy B. Rate of interest cannot be exactly determined C. The initial deprecation is high D. The initial depreciation is low...