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4. To pay off a Php. 100,000.00 loan, it is required that 20 semi-annual payments that...

4. To pay off a Php. 100,000.00 loan, it is required that 20 semi-annual payments that
increase by Php. 500.00 be made. Determine the amount of the first payment if it due six
months after the loan is made and interest is 7% compounded semi-annually.

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