Engr. Elmundo borrows P 64,000 from a loan association. In repaying this debt he has to pay P 4,000 at the end of every 3 months on the principal and a simple interest of 16% on the principal outstanding at that time. Determine the total amount he has paid after paying all his debt.

Engr. Elmundo borrows P 64,000 from a loan association. In repaying this debt he has to pay P 4,000 at the end of every 3 months on the principal and a simple interest of 16% on the principal outstanding at that time. Determine the total amount he has paid after paying all his debt.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

3. Engr. Elmundo borrows P 64,000 from a loan association. In repaying this debt he has to pay P 4,000 at the end of every 3 months on the principal and a simple interest of 16% on the principal outstanding at that time. Determine the total amount he has paid after paying all his debt.

4. Determine the exact simple interest on P 12, 000 for the period from January 16 to November 26, 2004 if the rate of interest is 24%.

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