Aling Nena goes to the local bank to apply for a housing loan amounting to P2,500,000.00. She chooses option A for an annual installment for 10 years at the end of every year with a simple interest rate of 5% per annum.

If you are the manager of the bank, make a CONTRACT for Aling Nena containing the periods, payment date, beginning balance, money owed per year from the principal, accumulated money owed each year from the principal, interest incurred per year, accumulated interest incurred each year, installment amount per year, accumulated installment amount each year, and closing balance.

Additional Info:

Total owed money after 10 yrs = P3,750,000.00

Interest amount accumulated = P1,250,000.00

Annual payment for 10 yrs = P375,000.00 every end of the year