Question: Winston borrowed P150,000 from his organization’s fund where he was charged with 10% simple interest. He paid P30,000 as interest upon payment of the principal on the maturity date. Determine how long it took him to pay the money in full.

Question: Winston borrowed P150,000 from his organization’s fund where he was charged with 10% simple interest. He paid P30,000 as interest upon payment of the principal on the maturity date. Determine how long it took him to pay the money in full.

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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Question: Winston borrowed P150,000 from his organization’s fund where he was charged with 10% simple interest. He paid P30,000 as interest upon payment of the principal on the maturity date.

Determine how long it took him to pay the money in full.

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