2. A bank charges 11% discount on short term loans. Find the sum received by the borrower who requests Phn 1.500 from October 3, 2011 to March 01, 2012. Use exact simple interest.

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter17: Financial Markets
Section: Chapter Questions
Problem 6SCQ: What is the total amount of interest from a 5,000 loan after three years with a simple interest rate...
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2. A bank charges 11% discount on short term loans. Find the sum received by the borrower
who requests Phn 1.500 from October 3, 2011 to March 01, 2012. Use exact simple interest.
Transcribed Image Text:2. A bank charges 11% discount on short term loans. Find the sum received by the borrower who requests Phn 1.500 from October 3, 2011 to March 01, 2012. Use exact simple interest.
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