Engr. De Robles borrowed Php 10,000 from a bank and promised to pay the amount for 1 year. But he received Php 9,600 only after the bank deducted an advance interest of Php 400. Find a) the rate of discount and b) the rate of interest that the bank charged him.
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Engr. De Robles borrowed Php 10,000 from a bank and promised to pay the amount for 1 year. But he received Php 9,600 only after the bank deducted an advance interest of Php 400. Find a) the rate of discount and b) the rate of interest that the bank charged him.
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- Engr. De Robles borrowed Php 10,000 from a bank and promised to pay the amount for 1 year. But he received Php 9,600 only after the bank deducted an advance interest of Php 400. Find a) the rate of discount and b) the rate of interest that the bank charged him. show your solutionGarry borrowed from a bank of P25,000 for which he signed a promisory note to repay it at the end of 1 year. He only received P21,915 after the bank collected advance interest and an additional amount of P85 for legal fees. What was the rate of interest the bank charged?A man borrowed Php 6,000 from a bank and agreed to pay the loan at the end of 10 months. The bank discounted the loan and gave him P4,800 in cash. (a) What was the rate of discount? (b) What was the rate of interest? (c) What was the rate of interest for one year?
- A man borrowed a certain sum of money from a bank which charges interest at 18%, compounded quarterly. He promised to pay the principal and interest through 36 equal payments of PHP 4,000 at the end of each three months. How much did he borrow?Mr. Dalisay applied for a bank loan with a principal of P150,000 to be paid after five years in order to purchase a vehicle. He negotiated for the stated rate of the loan at 6% wherein the current market rate is 10%. How much proceeds will Mr. Dalisay receive from the bankA man borrows money from a bank which uses a simple discount rate of 14%. He signs a promissory note promising to pay P500 per month at the end of the 4th, 6th and 7th months, respectively. Determine the amount he received from the bank.
- Will borrowed$1205 from his bank for 16 months using a 4.1%discount note. Determine how much interest will paid the bank for the use of its money and how much Willreceivedfrom the bank.A man borrows money from a bank but he only received 83% of the amount requested. He signs a promissory note that he would pay P73,330 at the end of 8 years. How much money is requested from the bank if the simple interest rate is 10.211%?Miss Evilla borrowed money from a bank. She receives from the bank P1,340.00 and promised to pay P1,500.00 at the end of 9 months. Determine the corresponding discount rate or often referred to as the “banker’s discount”?
- Marlon borrowed 15,000 Php from a lending company that charges a simple interest rate of 11%. Identify the simple interest after 1 year and What is the total amount that must be paid after 1 year?Ms. Kim borrowed an amount from a bank but she only recieved from the bank P1,340. She promised to pay the principal at the end of 9 months. If the corresponding discount rate or often referred toas the banker's discount is 13.73%, what is the amount borrowed?In order to start a small business, Samy borrowed RM40, 000 from a bank. The loan is repaid by monthly installment for five years. The interest charged is 5% on the original balance. (a) Determine the monthly payment. (b) Immediately after paying for three years and six months, he decided to pay off the loan. Using the Rule of 78, calculate the amount he has to pay.
