Question

To pay for his debt at 12% compounded quarterly, Ruben committed for 8 quarterly payments of P28,491.28
each. How much did he borrow?​

Answer 1

Answer:

The calculation you show in your work answers a different question, namely: How much should I invest now with a one-time deposit so as to have $2000 after six quarters?

For your stated problem, you should use the present value of annuity formula: V=R⋅1−(1+i)−ni where R=$2000, i=.03, and n=6.