A man borrowed P25, 000 from a bank for which he signed a promissory note to repay the loan at the end of one year. He only received the amount of P21, 915 after the bank collected the advance interest and an additional amount of P85.00 for legal fees. What was the rate of interest that the bank charged? 4.) P3-15 (Geodetic Engineering Board, August 1980 & February 1982)A man borrowed P25, 000 from a bank for which he signed a promissory note to repaythe loan at the end of one year. He only received the amount of P21, 915 after the bankcollected the advance interest and an additional amount of P85.00 for legal fees. Whatwas the rate of interest that the bank charged?

The interest charged by the bank would be the amount written on the promissory note less the legal…

A man borrowed P25, 000 from a bank for which he signed a promissory note to repay the loan at the end of one year. He only received the amount of P21, 915 after the bank collected the advance interest and an additional amount of P85.00 for legal fees. What was the rate of interest that the bank charged?

A man borrowed P25, 000 from a bank for which he signed a promissory note to repay the loan at the end of one year. He only received the amount of P21, 915 after the bank collected the advance interest and an additional amount of P85.00 for legal fees. What was the rate of interest that the bank charged?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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