man borrowed PhP 300,000 and agreed to pay his bligation by paying 8 equal annual payment of PhP 7,434.78 the first payment is due at the end of 5.5 y ind the rate of interest if compounded semi-annuall

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1EA: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest...
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A man borrowed PhP 300,000 and agreed to pay his
obligation by paying 8 equal annual payment of PhP
57,434.78 the fırst payment is due at the end of 5.5 years.
Find the rate of interest if compounded semi-annually.
Transcribed Image Text:A man borrowed PhP 300,000 and agreed to pay his obligation by paying 8 equal annual payment of PhP 57,434.78 the fırst payment is due at the end of 5.5 years. Find the rate of interest if compounded semi-annually.
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