received from the bank P1,342 and promise to repay P1,500 at the end of 9 months. Determine the simple interest rate and the corresponding discount rate or often referred to as the "Banker's discount.
received from the bank P1,342 and promise to repay P1,500 at the end of 9 months. Determine the simple interest rate and the corresponding discount rate or often referred to as the "Banker's discount.
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter27: Investment, The Capital Market, And The Wealth Of Nations
Section: Chapter Questions
Problem 9CQ
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Mr. Cruz borrowed money from a bank. He received from the bank P1,342 and promise to repay P1,500 at the end of 9 months. Determine the simple interest rate and the corresponding discount rate or often referred to as the "Banker's discount.
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