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22-24. what are the correct answers and how do i solve the following problems? thank you! On December 31, 2020, Chou Bank has a loan

22-24. what are the correct answers and how do i solve the following problems? thank you!

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On December 31, 2020, Chou Bank has a loan receivable of P2,000,000 from a borrower that it is carrying at face value and is due on December 31, 2025. Interest on the loan is payable at 9% each December 31. The borrower paid the interest due on December 31, 2020 but informed the bank that it would probably miss the next two years' interest payments because of financial difficulty. After that, the borrower is expected to resume the annual interest payment but it would make the principal payment one year late, with interest paid for that additional year at the time of principal payment. The present value of 1 at 9% is as follows: One period 0.917 Two periods 0.842 Three periods 0.772 Four periods 0.708 Five periods 0.650 Six periods 0.596

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