Question: How do I solve for these and what are the correct answers? Thank you! On January 1, 2021, Bane Bank extended a P1,800,000 loan to

How do I solve for these and what are the correct answers? Thank you!

On January 1, 2021, Bane Bank extended a P1,800,000 loan to Faramis, Inc. Principal is due on December 31, 2025 but 12% Interest is due annually starting December 31, 2021, On December 31, 2023, Faramis, Inc. was delinquent and it was ascertained that the loan is impaired. Bane Bank assessed that interests accruing on the loan will not be collected; however, the principal is expected to be received in three equal annual installments starting on December 31, 2024. The current market rate on December 31, 2023 is 14%. (Round-off PV factors to 3 decimal places)

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