Question: A man bought a machine and gave a down payment of P100,000 and promise to pay P16,000 every 3 months for the next 10 years.

A man bought a machine and gave a down payment of P100,000 and promise to pay P16,000 every 3 months for the next 10 years. Interest rate is at 10% compounded quarterly. However, the payment was missed the first 8 payments, what must he pay when the time the 9^thpayment is due to bring himself up to date? Please show detailed solution do not use excel. Please also draw the cash flow diagram.

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