A man borrowed P2000 from a bank and promise to pay the amount for one year. He received only the amount of P1920 after the bank collected an advance interest of P80.00. What was the rate of discount and the rate of interest that the bank collected in advance?
A man borrowed P2000 from a bank and promise to pay the amount for one year. He received only the amount of P1920 after the bank collected an advance interest of P80.00. What was the rate of discount and the rate of interest that the bank collected in advance?
Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section3.2: Solve Percent Applications
Problem 3.42TI: Hang borrowed $7,500 from her parents to pay her tuition. In 5 years, she paid them $1,500 interest...
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A man borrowed P2000 from a bank and promise to pay the amount for one year. He received only the amount of P1920 after the bank collected an advance interest of P80.00. What was the rate of discount and the rate of interest that the bank collected in advance?
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