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 6 % 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 6 % 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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...

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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 6 % 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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