Elena wanted to invest in a trust fund. She borrows from a credit cooperative that charges 8% simple interest rate to be deducted in advance and payable in 2 years. How much will she borrow to start investing P50, 000? Select the correct response: 52, 085.23 55, 700.00 59, 523.81 60, 250.00

Elena wanted to invest in a trust fund. She borrows from a credit cooperative that charges 8% simple interest rate to be deducted in advance and payable in 2 years. How much will she borrow to start investing P50, 000? Select the correct response: 52, 085.23 55, 700.00 59, 523.81 60, 250.00

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 10E

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Question

Elena wanted to invest in a trust fund. She borrows from a credit cooperative that charges 8% simple
interest rate to be deducted in advance and payable in 2 years. How much will she borrow to start investing
P50, 000?
Select the correct response:
52, 085.23
55, 700.00
59, 523.81
60, 250.00

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