PLS ANSWER ASAP THANKS A man borrowed from a bank with a promissory note that he signed in the amount of P25000for a period of one year. He received only the amount of P21915 after the bank collected theinterest and additional amount of P8500 for notarial and inspection fees. What was the rate ofinterest that the bank collected in advance?13.64%14.52%O 14.08%16.34%

The following information has been provided in the question: Amount of promissory note = P25000…

Answered: A man borrowed from a bank with a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 26Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer...

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