please show me a solution 4. A college freshman borrowed P2,000 from a bank for his tuition fee and promisedto pay the amount for one year. He received only the amount of P1,920 after thebank collected the advance interest of P80.00. What was the rate of discount?

Discounted loans are where the interest and other charges are charged on the face value and deducted…

Answered: 4. A college freshman borrowed P2,000…

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 69P

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4. A college freshman borrowed P2,000 from a bank for his tuition fee and promised to pay the amount for one year. He received only the amount of P1,920 after the bank collected the advance interest of P80.00. What was the rate of discount?