5. Miss Tina Jose borrows money from Cabanatuan Bank, which uses a simple discount rate of 14%. She signs a promissory note promising to pay P500,000 per month at the end of the 4th, 6th and 7th months respectively. Determine the amount of money that Miss Jose received from the bank.
5. Miss Tina Jose borrows money from Cabanatuan Bank, which uses a simple discount rate of 14%. She signs a promissory note promising to pay P500,000 per month at the end of the 4th, 6th and 7th months respectively. Determine the amount of money that Miss Jose received from the bank.
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
Problem 1PS
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Transcribed Image Text:5. Miss Tina Jose borrows money from Cabanatuan Bank, which uses a simple discount
rate of 14%. She signs a promissory note promising to pay P500,000 per month at the
end of the 4th, 6th and 7th months respectively. Determine the amount of money that
Miss Jose received from the bank.
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