On January 1, 2020, Jimny Corporation acquired a tract of land for P8,000,000. Jimny paid P2,000,000 outright and signed a 3-year promissory note for the balance plus 10% interest compounded annually. The note matures on January 1, 2023. Determine the total amount to be paid on the maturity date of the note?

On January 1, 2020, Jimny Corporation acquired a tract of land for P8,000,000. Jimny paid P2,000,000 outright and signed a 3-year promissory note for the balance plus 10% interest compounded annually. The note matures on January 1, 2023. Determine the total amount to be paid on the maturity date of the note? P6,000,000 P6,600,000 P7,260,000 P7,986,000