A man loans P 187,400 from a bank with interest at 5% compounded annually. He ag

Question

A man loans P 187,400 from a bank with interest at 5% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 years. Find the annual payments.

Options:

A . P 43,600.10

B . P 43,489.47

C . P 43,263.91

D . P 43,763.20

Answer: Option D

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