1. The property costs P400,000 cash. A purchaser will pay P90,000 cash, P60,000 at the end of 2 years, and a sequence of 6 equal annual payments starting with one at the end of 4 years, to discharge all his liability as to the principal and interest at \( 4 \% \) compounded semi-annually. Find the annual payments which must be made for 6 years.