1897Civil EngineeringMedium
A firm borrows P2,000 for 6 years at 8%. At the end of 6 years, it renews the loan for the amount due plus P2,000 more for 2 years at 8%. What is the lump sum due?
AP 3,280.34
BP 3,260.34
CP 3,250.34
DP 3,270.34
Correct answer
B. P 3,260.34
Explanation
The correct answer is P 3,260.34.