What would be the time period of Jasmin fashion Boutique's loan for P266,000 at 11% ordinary interest, if the amount of interest is P10,150? (Ordinary interest assumes 360 days in a year and exact interest assumes 365 days in a year.)
What would be the time period of Jasmin fashion Boutique's loan for P266,000 at 11% ordinary interest, if the amount of interest is P10,150? (Ordinary interest assumes 360 days in a year and exact interest assumes 365 days in a year.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Practice Exercises: Solve the following problems.
1) What would be the time period of Jasmin fashion Boutique's loan for P266,000 at 11% ordinary interest,
if the amount of interest is P10,150? (Ordinary interest assumes 360 days in a year and exact interest
assumes 365 days in a year.)
2) Bernadette needs to borrow P2,000 in order to buy furniture. She's approved for two different loans.
Loan 1 allows her to borrow P2,000 now, provided that she pay-off the loan by returning P2,200 exactly
one year from the day that she borrows the money. Loan 2 offers her P2,000 upfront as well, with a
similar loan period of one year, at an annual interest rate of 7%. Which is the better deal for
Bernadette?
3) You put $1000 into an investment yielding 6% annual interest; you left the money in for two years. How
much interest do you get at the end of those two years?
4) Kyle invested $500 and received $650 after th ree years. What had been the interest rate?
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