eila borrowed PhP 60,000 with an interest of 3% from her collegue on January 15 and then she agreed to pay the entire amount including the interest on April 20 of the following year. This is leap year. Find the accumulated amount of the loan using ordinary simple interes

eila borrowed PhP 60,000 with an interest of 3% from her collegue on January 15 and then she agreed to pay the entire amount including the interest on April 20 of the following year. This is leap year. Find the accumulated amount of the loan using ordinary simple interes

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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Question

Leila borrowed PhP 60,000 with an interest of 3% from her collegue on January 15 and then she agreed to pay the entire amount including the interest on April 20 of the following year. This is leap year. Find the accumulated amount of the loan using ordinary simple interest.

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