Agnes Abanilla was granted a loan of P20,000 by her employer CPM Industrial Fabricator and Construction Corporation with an interest at 6% for 180 days on the principal collected in advance. The corporation would accept a promissory note for P20,000 non-interest for 180 days. If discounted at once, find the proceeds on the note. 6. A man borrowed from a bank under a promissory note that
5. Agnes Abanilla was granted a loan of P20,000 by her employer CPM Industrial Fabricator and Construction Corporation with an interest at 6% for 180 days on the principal collected in advance. The corporation would accept a promissory note for P20,000 non-interest for 180 days. If discounted at once, find the proceeds on the note.
6. A man borrowed from a bank under a promissory note that he signed in the amount of P25,000 for a period of one year. He received only the amount of P21,915 after the bank collected the advance interest and an additional amount of P85 for notarial and inspection fees. What was the rate of interest that the bank collected in advance?
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