A loan of Php 50,000 is made for a period of 13 months, from April 1 to April 30 of the following year, at a simple interest rate of 20%. What future amount is due at the end of the loan period?
A loan of Php 50,000 is made for a period of 13 months, from April 1 to April 30 of the following year, at a simple interest rate of 20%. What future amount is due at the end of the loan period?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![A loan of Php 50,000 is made for a period of
13 months, from April 1 to April 30 of the
following year, at a simple interest rate of
20%. What future amount is due at the end of
the loan period?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F419302f0-9945-4af2-a5e6-57b171cb4d6d%2Fc2f98d23-7f8f-4a55-bf57-d30874bac525%2Fe10ovr6.jpeg&w=3840&q=75)
Transcribed Image Text:A loan of Php 50,000 is made for a period of
13 months, from April 1 to April 30 of the
following year, at a simple interest rate of
20%. What future amount is due at the end of
the loan period?
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