Liam borrowed money from a bank worth P15,000.00 on January 11, 2020. They agreed on a simple interest scheme with an interest rate of 11 % per annum, he promised to pay his loaned amount on March 10, 2021. (a) How much will the bank earned from this transaction? Answer in pesos with round off to two (2) decimal places.
Liam borrowed money from a bank worth P15,000.00 on January 11, 2020. They agreed on a simple interest scheme with an interest rate of 11 % per annum, he promised to pay his loaned amount on March 10, 2021. (a) How much will the bank earned from this transaction? Answer in pesos with round off to two (2) decimal places.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Liam borrowed money from a bank worth
P15,000.00 on January 11, 2020. They
agreed on a simple interest scheme with
an interest rate of 11 % per annum, he
promised to pay his loaned amount on
March 10, 2021. (a) How much will the
bank earned from this transaction?
Answer in pesos with round off to two (2)
decimal places.
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