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10. Jade paid P10,400 on May 13, 2011 for his loan of P9,000 made on a certain date. The simple interest rate was 8% per annum. Using banker's rule, determine the term of the loan in days and the date of loan.

10. Jade paid P10,400 on May 13, 2011 for his loan of P9,000 made on a certain date. The simple interest rate was 8% per annum. Using banker's rule, determine the term of the loan in days and the date of loan.

Intermediate Financial Management (MindTap Course List)
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter22: Providing And Obtaining Credit
Section: Chapter Questions
Problem 4P: Gifts Galore Inc. borrowed 1.5 million from National City Bank. The loan was made at a simple annual...
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10. Jade paid P10,400 on May 13, 2011 for his loan of P9,000 made on a certain date. The simple interest rate was 8% per annum. Using banker's rule, determine the term of the loan in days and the date of loan. 11. A man wants to receive P800 and immediately pay it back in one year. The bank charges a simple discount of 6% payable at once. How much must be borrowed? What is the rate of interest? 12. Magui borrowed P30,000 in a bank at 18% per annum from May 13, 2016 to May 27, 2021. Find the exact simple interest.
Transcribed Image Text:10. Jade paid P10,400 on May 13, 2011 for his loan of P9,000 made on a certain date. The simple interest rate was 8% per annum. Using banker's rule, determine the term of the loan in days and the date of loan. 11. A man wants to receive P800 and immediately pay it back in one year. The bank charges a simple discount of 6% payable at once. How much must be borrowed? What is the rate of interest? 12. Magui borrowed P30,000 in a bank at 18% per annum from May 13, 2016 to May 27, 2021. Find the exact simple interest.
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