On December 16, 2018, Mr. Anjo Marquez applied for a Php 750,000 loan. After deducing the interest in advance, he received Php 680,000. If the loan is to be repaid at the end of 9 months, at what rate is interest charged?

On December 16, 2018, Mr. Anjo Marquez applied for a Php 750,000 loan. After deducing the interest in advance, he received Php 680,000. If the loan is to be repaid at the end of 9 months, at what rate is interest charged?

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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5. On December 16, 2018, Mr. Anjo Marquez applied for a Php 750,000 loan. After deducing the interest in advance, he received Php 680,000. If the loan is to be repaid at the end of 9 months, at what rate is interest charged?

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