Answered: 1. Using the Banker's Rule, find the…

1. Using the Banker's Rule, find the interest and the amount due if P6500 was borrowed on October 16, 2021 to be repaid on April 5, 2022 at 18% simple interest.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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Question

Solve the following and show your solution.
1. Using the Banker's Rule, find the interest and the
amount due if P6500 was borrowed on October 16, 2021
to be repaid on April 5, 2022 at 18% simple interest.
2. Find the compound interest and the compound
amount due at the end of 20 years and 7 months if
P20,000 is invested at 9% compounded monthly.

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