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If Reybien got a character loan of P10,000 from a bank with 18 percent interest per annum, how much interest would he have paid in one year?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter19: The Basic Tools Of Finance

Section: Chapter Questions

Problem 3CQQ

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If Reybien got a character loan of P10,000 from a bank with 18 percent interest per annum, how much interest would he have paid in one year?

a. P18,000

b. P1,800

c. P900

d. P180

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