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Sanchez corporation borrowed a working capital from Barroga Corporation for two consecutive years Php 97000 and Php 102600, on January 1, 1996 and January 1,
Sanchez corporation borrowed a working capital from Barroga Corporation for two consecutive years Php 97000 and Php 102600, on January 1, 1996 and January 1, 1997, respectively. Sanchez corporation made a partial payment of Php 78000 on January 1, 2000 and agreed with the lender that the balance of the loan would be amortized by 7.5 equal payments. The interest rate of the loan is 17% compounded semiannually. Find the amount of each payment.
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