A bank gives a loan to a company to purchase an equipment worth P2,000,000.00 at an interest

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A bank gives a loan to a company to purchase an equipment worth P2,000,000.00 at an interest rate of 15% compounded annually. This amount must be repaid in 20 yearly equal instalments.

Find the instalment amount that the company must pay to the bank.

Related Book For answer-question

Principles of Finance

ISBN: 978-1285429649

6th edition

Authors: Scott Besley, Eugene F. Brigham

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Posted Date: Nov 01, 2023 12:23 AM

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A bank gives a loan to a company to purchase an equipment worth P2,000,000.00 at an interest

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Principles of Finance

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