Nissan-QC, borrowed P2,250,000 on April 16 to purchase a shipment of new cars. The interest rate was 9.3% using the ordinary interest method. The amount of interest was P9,600. a.For how many days was the loan? b. What was the maturity date of the loan?
Nissan-QC, borrowed P2,250,000 on April 16 to purchase a shipment of new cars. The interest rate was 9.3% using the ordinary interest method. The amount of interest was P9,600. a.For how many days was the loan? b. What was the maturity date of the loan?
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 14P
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Nissan-QC, borrowed P2,250,000 on April 16 to purchase a shipment of new cars. The interest rate was 9.3% using the ordinary interest method. The amount of interest was P9,600.
a.For how many days was the loan?
b. What was the maturity date of the loan?
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