Discount P 10,000 for 4 months at 6% simple interest. What is the discount?A man borrowed P2, 000 from a bank and promise to pay the amount for one year. He received Only the amount of P1,920 after the bank collected an advance interest of P80.00. What was the rate of discount and the rate of interest that the bank collected in advance?What simple interest rate is equivalent the simple discount rate of 6% in discounting an amount P1, 000 due at the end of 3 months?Compute the discount if P 2,000 for 6 months at 8% simple interest.On March 1 , 1996 Mr X obtains a loan of P 1500 and signs a note promising to pay the principal and the accumulated simple interest at the rate of 5% at the end of 120 days. On May 15, 1996, Mr X discounts the note at the bank whose discount rate is 6%. What does he received?Anna buys a TV set for P 12,500.00 cash after 60 days. Kathy wishes to pay immediately and the seller compute the cash price on the assumption that money is worth 8% simple interest. What is the cash price today?

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Answered: Discount P 10,000 for 4 months at 6%…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Discount P 10,000 for 4 months at 6% simple interest. What is the discount?
A man borrowed P2, 000 from a bank and promise to pay the amount for one year. He received Only the amount of P1,920 after the bank collected an advance interest of P80.00. What was the rate of discount and the rate of interest that the bank collected in advance?
What simple interest rate is equivalent the simple discount rate of 6% in discounting an amount P1,
000 due at the end of 3 months?
Compute the discount if P 2,000 for 6 months at 8% simple interest.
On March 1 , 1996 Mr X obtains a loan of P 1500 and signs a note promising to pay the principal
and the accumulated simple interest at the rate of 5% at the end of 120 days. On May 15, 1996, Mr X
discounts the note at the bank whose discount rate is 6%. What does he received?
Anna buys a TV set for P 12,500.00 cash after 60 days. Kathy wishes to pay immediately and the
seller compute the cash price on the assumption that money is worth 8% simple interest. What is the cash price today?

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