(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?

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
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(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?
Accumulated value (express the answer in this form: Php
Php1,000)
e.g.
Your answer
. Principal amount (express the answer in this form: Php
e.g.
Php1,000)
Your answer
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? Accumulated value (express the answer in this form: Php Php1,000) e.g. Your answer . Principal amount (express the answer in this form: Php e.g. Php1,000) Your answer
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