Answered: What lump-sum amount of interest will…

What lump-sum amount of interest will be paid on a Php 750,000 loan that was made on August 1, 2012, and repaid on November 1, 2017, with ordinary simple interest at 12% per year?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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What lump-sum amount of interest will be paid on a Php 750,000 loan that was
made on August 1, 2012, and repaid on November 1, 2017, with ordinary simple
interest at 12% per year?

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