Urgent, please answer the question below.This is how you answer the problem,(a) Identify the given (b)Identify the unknown or what is being asked in the problem(c)Solution, include the formula used to solve the problem(d)box the final answer E3. You loan from a bank the amount of P100,000 with a rate of simple interest of 30% but the interest was deductedfrom the loan at the time the money was borrowed. If at the end of 1 year, you have to pay the full amount of P100,000,what is the actual rate of interest?

The actual rate of interest is calculated as simple interest amount divided by funds available

E3. You loan from a bank the amount of P100,000 with a rate of simple interest of 30% but the interest was deducted from the loan at the time the money was borrowed. If at the end of 1 year, you have to pay the full amount of P100,000, what is the actual rate of interest?

E3. You loan from a bank the amount of P100,000 with a rate of simple interest of 30% but the interest was deducted from the loan at the time the money was borrowed. If at the end of 1 year, you have to pay the full amount of P100,000, what is the actual rate of interest?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Urgent, please answer the question below.
This is how you answer the problem,
(a) Identify the given
(b)Identify the unknown or what is being asked in the problem
(c)Solution, include the formula used to solve the problem
(d)box the final answer

E3. You loan from a bank the amount of P100,000 with a rate of simple interest of 30% but the interest was deducted
from the loan at the time the money was borrowed. If at the end of 1 year, you have to pay the full amount of P100,000,
what is the actual rate of interest?

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