Elmer Martin paid P26,800 on a loan made 4 months before at 92% simple interest. Findthe interest generated.8.9. If a principal of P13,300 earns interest of P1,500 in 3 years and 6 months, what interestrate is in effect?

Solution:- When an amount is deposited or lended, it earns interest on it. Interest amount in case…

Answered: 8. Elmer Martin paid P26,800 on a loan…

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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8. Elmer Martin paid P26,800 on a loan made 4 months before at 9½% simple interest. Find the interest generated. 9. If a principal of P13,300 earns interest of P1,500 in 3 years and 6 months, what interest rate is in effect?