Answered: An engineer borrowed a sum of money…

An engineer borrowed a sum of money under the following terms: P650 000.00 paid in 90 days, or P600 000.00 paid in 30 days. What is the equivalent annual rate of simple interest?

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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An engineer borrowed a sum of money under the following terms: P650 000.00 paid in 90 days, or P600 000.00 paid in 30 days. What is the equivalent annual rate of simple interest?

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