Liam borrowed money from a bank worth P15,000.00 on January 11, 2020. Theyagreed on a simple interest scheme with an interest rate of 8 % per annum, hepromised to pay his loaned amount on March 10, 2021. (a) How much will thebank earned from this transaction?Answer in pesos with round off to two (2) decimal places.

Liam borrowed P15,000 on January 11, 2020, at a simple interest rate of 8% per annum. The loan will…

Answered: Liam borrowed money from a bank worth…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Liam borrowed money from a bank worth P15,000.00 on January 11, 2020. They agreed on a simple interest scheme with an interest rate of 8 % per annum, he promised to pay his loaned amount on March 10, 2021. (a) How much will the bank earned from this transaction?