Engineering Economics
A man loans P 187,400 from a bank with interest at 5% compounded annually. He agrees to pay his obligations by paying 8 equal annual payments, the first being due at the end of 10 years. Find the annual payments.

P 43,263.91
P 43,763.20
P 43,600.10
P 43,489.47

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Engineering Economics
Which is NOT an essential element of an ordinary annuity?

Compound interest is paid on all amounts in the annuity.
The first payment is made at the beginning of the first period.
The amounts of all payments are equal.
The payments are made at equal interval of time.

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