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G. A Man borrowed P5,000 from a bank and agreed to pay the loan at the end of 9 months. The bank discounted the loan gave him P4,000 in cash. CO2 16. What was the rate of discount? a. 2% CO2 17. What was the rate of interest? a. 25% CO2 18. What was the rate of interest for one year? Б. 12% C. 13% d. none of the above Б. 22% c. 23% d. none of the above a. 3% b. 34% c. 33% d. none of the above

G. A Man borrowed P5,000 from a bank and agreed to pay the loan at the end of 9 months. The bank discounted the loan gave him P4,000 in cash. CO2 16. What was the rate of discount? a. 2% CO2 17. What was the rate of interest? a. 25% CO2 18. What was the rate of interest for one year? Б. 12% C. 13% d. none of the above Б. 22% c. 23% d. none of the above a. 3% b. 34% c. 33% d. none of the above

FINANCIAL ACCOUNTING
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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G. A Man borrowed P5,000 from a bank and agreed to pay the loan at the end of 9 months. The bank discounted the loan gave him P4,000 in cash. CO2 16. What was the rate of discount? a. 2% Б. 12% C. 13% d. none of the above Co2 17. What was the rate of interest? a. 25% CO2 18. What was the rate of interest for one year? a. 3% Co1 19. It is the rate of interest for the same period b. 22% c. 23% d. none of the above b. 34% c. 33% d. none of the above d. none of the above а. d b.r Co1 20. It is measured in today's pesos of a present amount of P. b. PC a. FC c. F d. none of the above
Transcribed Image Text:G. A Man borrowed P5,000 from a bank and agreed to pay the loan at the end of 9 months. The bank discounted the loan gave him P4,000 in cash. CO2 16. What was the rate of discount? a. 2% Б. 12% C. 13% d. none of the above Co2 17. What was the rate of interest? a. 25% CO2 18. What was the rate of interest for one year? a. 3% Co1 19. It is the rate of interest for the same period b. 22% c. 23% d. none of the above b. 34% c. 33% d. none of the above d. none of the above а. d b.r Co1 20. It is measured in today's pesos of a present amount of P. b. PC a. FC c. F d. none of the above
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