Mr. Poseidon Neptune, owner of Underwater BarInc., borrowed P350,000 at 11% from a bank toexpand its operations. Given that the loan is for 3years, compute for the total interest assuming (a)simple interest; and (b) compound interest.

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Answered: Mr. Poseidon Neptune, owner of…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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Mr. Poseidon Neptune, owner of Underwater Bar Inc., borrowed P350,000 at 11% from a bank to expand its operations. Given that the loan is for 3 years, compute for the total interest assuming (a) simple interest; and (b) compound interest.