bank charges an interest rate of 7%. An engineer wants to loan an amount p1,000,000 to start his construction business from January 06, 2022 to December 22. Determine the difference of future worth of ordinary simple interest and exact sim erest.

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter19: The Basic Tools Of Finance
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6. A bank charges an interest rate of 7%. An engineer wants to loan an amount of
Php1,000,000 to start his construction business from January 06, 2022 to December 30,
2022. Determine the difference of future worth of ordinary simple interest and exact simple
interest.
Transcribed Image Text:6. A bank charges an interest rate of 7%. An engineer wants to loan an amount of Php1,000,000 to start his construction business from January 06, 2022 to December 30, 2022. Determine the difference of future worth of ordinary simple interest and exact simple interest.
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