FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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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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