(Refer to this word problem ) The accumulated value of a 3-month loan of P5,000 is P5,085. What is the simple interest rate?

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
icon
Related questions
Question

ANSWER ASAP THE SUBQUESTIONS

(Refer to this word problem
) The accumulated value of a 3-month
loan of P5,000 is P5,085. What is the simple interest rate?
Transcribed Image Text:(Refer to this word problem ) The accumulated value of a 3-month loan of P5,000 is P5,085. What is the simple interest rate?
Time (express the answer in fraction form: e.g. 100/366) *
Your answer
Interest rate (express the answer in decimal form: e.g. 0.04) *
Your answer
Transcribed Image Text:Time (express the answer in fraction form: e.g. 100/366) * Your answer Interest rate (express the answer in decimal form: e.g. 0.04) * Your answer
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Electronic Health Records, Hipaa and Hitech
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Corporate Fin Focused Approach
Corporate Fin Focused Approach
Finance
ISBN:
9781285660516
Author:
EHRHARDT
Publisher:
Cengage