A man borróws 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 4th, 6th , and 7th months, respectively. Determine the amount he received from the bank. Mr. W borrowed P2,000 from Mr. Y on June 1, 1928 and P500 on June 1, 1930. Mr. W paid P500 on June 1, 1931, P400 on June 1, 1932, and P700 on June 1, 1933. If money is worth 5% compounded annually, what additional payment should Mr. W pay on June 1, 1936 to discharge all remaining liability? The Philippine Society of Mechanical Engineers is planning to construct its own building. Two proposals are being considered: a. The construction of the building now to cost P400,000. b. The construction of a smaller building now to cost P300,000 and at the end of 5 years, an extension to be added to cost P200,000. Which proposal is more economical if interest is 20%, depreciation is disregarded and by how much? Juan de la Cruz borrowed P2,400 at 1% per month payable in 24 equal end-of-the-month payments. How much of the loan remains unpaid immediately after he has paid the 12th payment?