Answered: A bank loaned JL's Boutique money at 8%…

A bank loaned JL's Boutique money at 8% simple interest for 90 days. If the amount of interest was P4,000, and one year is equivalent to 360 days, compute for the principal amount borrowed.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EA: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest...

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A bank loaned JL's Boutique money at 8% simple interest for 90 days. If the amount of interest was P4,000, and one year is equivalent to 360 days, compute for the principal amount borrowed.

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