Solve the problem. If an entrepreneur applies for a loan amounting to P500, 000 in a bank, the simple interest of which is P157,500 for 3 years, what interest rate is being charged?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 57SE: Karl has two years to save $10000 to buy a used car when he graduates. To the nearest dollar, what...
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If an entrepreneur applies for a loan amounting to P500, 000 in a bank, the simple interest of which is P157,500 for 3 years, what interest rate is being charged?

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