Joseph borrowed Php 5,000 on November 2, 2015 from Arthemus, which is to be repaid on May 21, 2016 at 6.2% simple interest per year. Find the amount to be repaid. How much will the interest be at the repayment date if the following time factors are used? a. Bankers Rule b. Exact Simple Interest Approximate c. 360 Approximate d. 365
Joseph borrowed Php 5,000 on November 2, 2015 from Arthemus, which is to be repaid on May 21, 2016 at 6.2% simple interest per year. Find the amount to be repaid. How much will the interest be at the repayment date if the following time factors are used? a. Bankers Rule b. Exact Simple Interest Approximate c. 360 Approximate d. 365
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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