Ernesto borrowed P30,000 from a bank and promised to pay the amount for 1 year. The bank discounted the amount and he only received P28,850. Find the rate of discount and the rate of interest that the bank collected in advance.
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- of 1 The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.2% of the average daily balance. Calculate parts a-d using the statement in the popup. Click the icon to view the credit card statement. a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ (Round to the nearest cent as needed.)Helen borrows $1000. To repay the amount she makes 12 equal monthly payment of $93.12 1- determine the monthly interest rate 2- the nominal rate 3- the effective annual rate 4- the continous rateDiscuss and illustrate the different types of annuity.