Jose owes Pedro the sum of P 10,000 due on Dec.31,1978, and P 6,000. Due Dec.31,1980. However, with consent of Pedro, Jose is allowed to discharge the debt by paying P 9,000 on Dec.31,1979, and a...

No shortcut solution please. Show the complete and clear solution.

Extracted text: Jose owes Pedro the sum of P 10,000 due on Dec.31,1978, and P 6,000. Due Dec.31,1980. However, with consent of Pedro, Jose is allowed to discharge the debt by paying P 9,000 on Dec.31,1979, and a final payment, including the accrued interest on Dec.31,1981. If interest is 8% determine the amount of the final payment compounded annually.