1.Jude borrowed money from the bank.He received Php 18,000 & promised to pay Php 22,750 at the end of 11 months.Determine the rate of simple interest? 2.What is the amount due at the end of loan period, if a loan of Php 50,000 is made for a period of 16 months at a rate of 7.5%?

1.Jude borrowed money from the bank.He received Php 18,000 & promised to pay Php 22,750 at the end of 11 months.Determine the rate of simple interest? 2.What is the amount due at the end of loan period, if a loan of Php 50,000 is made for a period of 16 months at a rate of 7.5%?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PB: Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at...

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Question

1.Jude borrowed money from the bank.He
received Php 18,000 & promised to pay Php
22,750 at the end of 11 months.Determine the
rate of simple interest?
2.What is the amount due at the end of loan
period, if a loan of Php 50,000 is made for a
period of 16 months at a rate of 7.5%?

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