1) If ₱22578 is borrowed for 9 months and ₱555 is paid, then the annual simple interest rate is _______%. Round your answer to 2 decimal places.
1) If ₱22578 is borrowed for 9 months and ₱555 is paid, then the annual simple interest rate is _______%. Round your answer to 2 decimal places.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 3CE
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1) If ₱22578 is borrowed for 9 months and ₱555 is paid, then the annual simple interest rate is _______%.
Round your answer to 2 decimal places.
2) What is the amount due on July 8, 2022, if the present value on July 31, 2021 was ₱20052 at 5.7% simple interest?
Round your answer to 2 decimal places.
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