A man borrowed P8,000 from a bank that charges 5.5 % interest in advance. He received P7,650 from the loan. When will the loan be due? A. 9 months and 16 days B. 10 months and 16 days C. 7 months and 10 days D. 1 year and 9 months

A man borrowed P8,000 from a bank that charges 5.5 % interest in advance. He received P7,650 from the loan. When will the loan be due? A. 9 months and 16 days B. 10 months and 16 days C. 7 months and 10 days D. 1 year and 9 months

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter20: Engineering Economics

Section: Chapter Questions

Problem 26P

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Question

A man borrowed P8,000 from a bank that charges 5.5 %
interest in advance. He received P7,650 from the loan.
When will the loan be due?
A. 9 months and 16 days
B. 10 months and 16 days
C. 7 months and 10 days
D. 1 year and 9 months

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