ll. PROBLEM SOLVING (7 items x 5 points) Solve the following items. Write your answers and complete solutions on a separate sheet of paper A sold a residential house and lot at an installment price of P6,000,000 payable in 50 years at P10,000 per month to B. B defaulted on the next installment after paying 1. P720,000 P6,000,000 ['50 years P 120,000 per year P720,000 IP120,000 = 6 years (1St 5 years , 50%; exceeding 5 years , addt'l 5% per year max . of 90%) P720,000 *55 % = P 396,000 Cash surrender value is B entitled from A is P 396,000 2. P120,000