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A house cost P 400,000.00. Mr X will pay P 90,000 cash, 60,000 at the end of 2 years and a sequence of 6 equal

A house cost P 400,000.00. Mr X will pay P 90,000 cash, 60,000 at the end of 2 years and a sequence of 6 equal annual payments starting with the 1st at the end of 4 years to pay the house. Interest is 7% compounded annually. Find the annual payment for the 6 years.

Expected Answer: 66,204

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