A man borrowed from a bank with a promissory note that he signed in the amount of P25000 for a period of one year. He received only the amount of P21915 after the bank collected the interest and additional amount of P8500 for notarial and inspection fees. What was the rate of interest that the bank collected in advance?
A man borrowed from a bank with a promissory note that he signed in the amount of P25000 for a period of one year. He received only the amount of P21915 after the bank collected the interest and additional amount of P8500 for notarial and inspection fees. What was the rate of interest that the bank collected in advance?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 26Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer...
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