Ramon has a check work P90,000.00  which is dated  4 months  from today. He really needed the money today. So he went to Juancho, who offered to give the  former P89,000.00 for the indorsement of the check to Juancho. How much is the Interest rate?

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...
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  1. Ramon has a check work P90,000.00  which is dated  4 months  from today. He really needed the money today. So he went to Juancho, who offered to give the  former P89,000.00 for the indorsement of the check to Juancho. How much is the Interest rate?
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