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13. Christopher Flores borowed a certain principal from bank with interest at 7% per annum. After 3.5 years, he paid back P34,500 to the bank for principal plus interest. How much was borrowed?

13. Christopher Flores borowed a certain principal from bank with interest at 7% per annum. After 3.5 years, he paid back P34,500 to the bank for principal plus interest. How much was borrowed?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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12 A debtor borrowed P12.700 and after 4 years, paid back the loan with an 8% interest. How much was the interest paid? 13. Christopher Flores borTowed a certain principal from bank with interest at 7% per annum. After 3.5 years, he paid back P34,500 to the bank for principal plus interest. How much was borrowed?
Transcribed Image Text:12 A debtor borrowed P12.700 and after 4 years, paid back the loan with an 8% interest. How much was the interest paid? 13. Christopher Flores borTowed a certain principal from bank with interest at 7% per annum. After 3.5 years, he paid back P34,500 to the bank for principal plus interest. How much was borrowed?
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