Mina borrowed Php 10,000 from a financing institution which agreed to charge an annual simple interest r. Suppose after 36 months, Mina paid a total of Php11,500. What is the value of r in percent? Choices: - 10% - 5% - 4% - 2%

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
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Mina borrowed Php 10,000 from a financing institution which agreed to charge an annual simple interest r. Suppose after 36 months, Mina paid a total of Php11,500. What is the value of r in percent? Choices: - 10% - 5% - 4% - 2%
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