Mr Chaves obtained P6,000,000 mortgage to purchase a house. The mortgage will be repaid for 20 years at 8% per annum compounded semi-Annually. How much is the outstanding balance after the first payment is made?
A. P5,025,637.60
B. P5,205,637.60
C. P5,636,859.06
D. P5,936,859.06
A. P5,025,637.60
B. P5,205,637.60
C. P5,636,859.06
D. P5,936,859.06
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Answer:
Letter C. Po P5,636,859.06