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.
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.
Economics Today and Tomorrow, Student Edition
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ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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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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