3. If you need P15,000 now (April 1, 2020), how much loan should you apply for...

3. If you need P15,000 now (April 1, 2020), how much loan should you apply for from a friend who charges 12% simple discount if the loan is payable on July 1, 2020?

Expert Solution

As we need P15000 now hence we will going to apply for P15000 as loans which will be payable after 3 month ie July 1 with interest .

Formula for Simple interest

A = P(1+rt )

Where r is rate of interest =12% as annually and we need monthly interest rate =12%/12=1% per month

T = time the interest is accrue =3 month

P principle amount ie loan amount

A=15000(1+0.01×3)

=15000(1.03)

=15450

P15450 is the Total amount payable which include Priciple of P15000 and interest of P450

ekkarill92 answered 2 years ago

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