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%?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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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