1.Jude borrowed money from the bank.He received Php 18,000 & promised to pay Php 22,750 at the end of 11 months.Determine the rate of simple interest? 2.What is the amount due at the end of loan period, if a loan of Php 50,000 is made for a period of 16 months at a rate of 7.5%?
1.Jude borrowed money from the bank.He received Php 18,000 & promised to pay Php 22,750 at the end of 11 months.Determine the rate of simple interest? 2.What is the amount due at the end of loan period, if a loan of Php 50,000 is made for a period of 16 months at a rate of 7.5%?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![1.Jude borrowed money from the bank.He
received Php 18,000 & promised to pay Php
22,750 at the end of 11 months.Determine the
rate of simple interest?
2.What is the amount due at the end of loan
period, if a loan of Php 50,000 is made for a
period of 16 months at a rate of 7.5%?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a37bed4-920d-4b29-8925-50e716718009%2F95527a9a-93fd-4892-9ff2-9acf48792efb%2Fw5sx50w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1.Jude borrowed money from the bank.He
received Php 18,000 & promised to pay Php
22,750 at the end of 11 months.Determine the
rate of simple interest?
2.What is the amount due at the end of loan
period, if a loan of Php 50,000 is made for a
period of 16 months at a rate of 7.5%?
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