Answered: Your friend borrows P10,000 on May 1…

Your friend borrows P10,000 on May 1 and must repay a total of P10,700 exactly 1 year later. Determine the interest amount and the interest rate paid.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Your friend borrows P10,000 on May 1 and must repay a total of P10,700
exactly 1 year later. Determine the interest amount and the interest rate
paid.

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