3. Mr. Ramos is considering to pay his outstanding balance after 3 years of payment.
The original amount of the loan is P100,000 payable annually in 5 years. If the interest
rate is 10% per annum and the regular payment is P26,379.75 annually, how much is
the outstanding balance after the 3rd payment?
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Answer:
150,000 PESOS
2,637 PESOS AND 975 CENTAVOS
Step-by-step explanation:
100,000 PESOS × 3 YEARS = 30,000 PESOS
30,000 PESOS × 5 YEARS = 150,000 PESOS
10 PERCENT OF 26,379 PESOS AND 75 CENTAVOS IS 2,637 PESOS AND 975 CENTAVOS