Please provide a clear and complete solution. Answer fast for I have 30 minutes left. Thank you very much. What lump-sum amount of interest will be paid on a Php 750,000 loan that wasmade on August 1, 2012, and repaid on November 1, 2017, with ordinary simpleinterest at 12% per year?

Data given: Loan amount= Php 750,000 Ordinary simple interest=12% per year Working Note #1…

Answered: What lump-sum amount of interest will…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 14P

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What lump-sum amount of interest will be paid on a Php 750,000 loan that was made on August 1, 2012, and repaid on November 1, 2017, with ordinary simple interest at 12% per year?