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?

A firm borrows P2,000 for 6 years at 8%. At the end of 6 years, it ren

1.	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?
A.	P 3,260.34
B.	P 3,280.34
C.	P 3,270.34
D.	P 3,250.34
Answer» B. P 3,280.34

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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?

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