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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 8 % per annum, he promised to pay his loaned amount on March 10, 2021. (a) How much will the bank earned from this transaction?

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 8 % per annum, he promised to pay his loaned amount on March 10, 2021. (a) How much will the bank earned from this transaction?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 8 % 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.
Transcribed Image Text: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 8 % 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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