A man borrows money from a bank which uses a simple discount rate of 14%. He signs a promissory note promising to pay P500 per month at the end of the 4th, 6th and 7th months, respectively. Determine the amount he received from the bank.

A man borrows money from a bank which uses a simple discount rate of 14%. He signs a promissory note promising to pay P500 per month at the end of the 4th, 6th and 7th months, respectively. Determine the amount he received from the bank.

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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Similar questions

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