A man borrowed P20,000 from a local commercial bank which has a simple interest of 16% but the interest is to be deducted from the loan at the time that the money was borrowed and the loan is payable at the end of one year. How in the
A man borrowed P20,000 from a local commercial bank which has a simple interest of 16% but the interest is to be deducted from the loan at the time that the money was borrowed and the loan is payable at the end of one year. How in the
Chapter2: Loads On Structures
Section: Chapter Questions
Problem 1P
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![A man borrowed P20,000 from a local commercial bank which has a simple
interest of 16% but the interest is to be deducted from the loan at the time that
the money was borrowed and the loan is payable at the end of one year. How
much is the actual interest rate.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd7897257-7295-4e05-92c3-3ad60a81498d%2Fed7025c8-255f-403b-a78b-eb8c054d79a1%2Fk9v1upm_processed.png&w=3840&q=75)
Transcribed Image Text:A man borrowed P20,000 from a local commercial bank which has a simple
interest of 16% but the interest is to be deducted from the loan at the time that
the money was borrowed and the loan is payable at the end of one year. How
much is the actual interest rate.
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