Jose is a member of a credit cooperative. The first P 50,000 of his savings earns interest at a rate of 8% a year, while the rest of his savings earns interest at a rate of 5.5%. If he borrows from the cooperative, he is charged an interest of 9% a year. One third of the interest of her loans will be returned to her at the end of the year as patronage refund. All interest from savings and patronage refunds are paid out at the end of the calendar year in the form of dividend. If Jose's total deposit is P 320,000, and made a loan P 75,000, how much dividend will he receive at the end of the year?
Jose is a member of a credit cooperative. The first P 50,000 of his savings earns interest at a rate of 8% a year, while the rest of his savings earns interest at a rate of 5.5%. If he borrows from the cooperative, he is charged an interest of 9% a year. One third of the interest of her loans will be returned to her at the end of the year as patronage refund. All interest from savings and patronage refunds are paid out at the end of the calendar year in the form of dividend. If Jose's total deposit is P 320,000, and made a loan P 75,000, how much dividend will he receive at the end of the year?
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter19: Capital Investment
Section: Chapter Questions
Problem 8E
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Vose is a member of a credit cooperative. The first P 50,000 of his savings earns
interest at a rate of 8% a year, while the rest of his savings earns interest at a rate
of 5.5%. If he borrows from the cooperative, he is charged an interest of 9% a year.
One third of the interest of her loans will be returned to her at the end of the year
as patronage refund. All interest from savings and patronage refunds are paid out
at the end of the calendar year in the form of dividend. If Jose's total deposit is P
320.000, and made a loan P 75,000, how much dividend will he receive at the end
of the year?
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