A man borrowed Php 120,000 and promised to pay annually for 5 years. The payment starts at "X" pesos. The man intends to increase his payments by Php 5,000 at the end of each successive year. If the...

A man borrowed Php 120,000 and promised to pay annually for 5 years. The payment starts at "X" pesos. The man intends to increase his payments by Php 5,000 at the end of each successive year. If the interest rate is 8% compounded annually, how much will the first payment be? If the man decides to pay annually with 8 equal payments with the first payment to be made after 4 years, what will be the amount of the annual payment? Construct the cash flow diagram for both cases.