Jones Corporation borrowed ₱9,000 from Brown Corporation on Jan. 1, 1978 and ₱12,000 on Jan. 1, 1980. Jones Corporation made a partial payment of ₱7,000 on Jan. 1, 1981. It was agreed that the balance of the loan would be amortized by two payments, one of Jan. 1, 1982 and the other on Jan. 1, 1983, the second being 50% larger than the first.

If the interest rate is 12%, what is the amount of each payment?

Answer rating: 100% (QA)

To solve this problem we can use the amortization schedule method to calculate the amount of each pa... View the full answer