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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
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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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?
Transcribed Image Text: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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