A man borrowed P2000 from a bank and promise to pay the amount for one year. He received only the amount of P1920 after the bank collected an advance interest of P80.00. What was the rate of discount and the rate of interest that the bank collected in advance?
A man borrowed P2000 from a bank and promise to pay the amount for one year. He received only the amount of P1920 after the bank collected an advance interest of P80.00. What was the rate of discount and the rate of interest that the bank collected in advance?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A man borrowed P2000 from a bank and promise to pay the amount for one year. He received only the amount of P1920 after the bank collected an advance interest of P80.00. What was the rate of discount and the rate of interest that the bank collected in advance?
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