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you applied for a loan with a bank and the Php 80 000 was approved at an interest rage of 14% of which Php 11,200 was deducted and you were given a check of Php 68,800.Since you have to pay the amount of Php 80 000 one year after, what then will be the effective interest rate?

you applied for a loan with a bank and the Php 80 000 was approved at an interest rage of 14% of which Php 11,200 was deducted and you were given a check of Php 68,800.Since you have to pay the amount of Php 80 000 one year after, what then will be the effective interest rate?

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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you applied for a loan with a bank and the Php 80 000 was approved at an interest rage of 14% of which Php 11,200 was deducted and you were given a check of Php 68,800. Since you have to pay the amount of Php 80 000 one year after, what then will be the effective interest rate?
Transcribed Image Text:you applied for a loan with a bank and the Php 80 000 was approved at an interest rage of 14% of which Php 11,200 was deducted and you were given a check of Php 68,800. Since you have to pay the amount of Php 80 000 one year after, what then will be the effective interest rate?
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