A construction company borrowed money at 10% per year interest to purchase new heavy equipment nee

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 19P
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A construction company borrowed money at 10% per year interest to purchase new heavy equipment
needed for the company’s various projects. If the company got the loan 2 years ago and paid it off
with a single payment of P25,000,000, what was the principal amount of the loan? 

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