4. You owe P120,000.00 from a friend that promise to pay 6% simple interest. How much will you pay at the end of 9 months? How about at the end of 1 year and 6 months? 5. A price tag of P150,000.00 is payable in 60 days. A 3% discount is offered if paid in 30 days. What is the rate of simple interest? 6. A man borrowed from a bank under promissory note that he signed in the amount of P60,000.00 for a period of 1 year. He received only P50,150.00 after the bank collected the advanced interest and an additional amount of P850.00 for notarial and inspection fees. What was the rate of simple interest that the bank collected in advance?

4. You owe P120,000.00 from a friend that promise to pay 6% simple interest. How much will you pay at the end of 9 months? How about at the end of 1 year and 6 months? 5. A price tag of P150,000.00 is payable in 60 days. A 3% discount is offered if paid in 30 days. What is the rate of simple interest? 6. A man borrowed from a bank under promissory note that he signed in the amount of P60,000.00 for a period of 1 year. He received only P50,150.00 after the bank collected the advanced interest and an additional amount of P850.00 for notarial and inspection fees. What was the rate of simple interest that the bank collected in advance?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 29E

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