SHOW THE STEP BY STEP SOLUTIONS using deferred annuity formula: A$=$ R$[1-(1+$i$)^-($n$+$h$)/$i$]-$ R$[1-(1+$i$)^-$h$/$i$]$

A house costs $P2,500,000$ cash. A purchaser will pay $P500,000$ cash and a sequence of $8$ equal

annual payments, the first due at the end of $3$ years. If money is worth $7\%,$ find the annual

payment. Answer $-$ P$383,500$