Mr. J. Dela Cruz borrowed money from the bank. He received from the bank P1, 342.00 and

Question:

Mr. J. Dela Cruz borrowed money from the bank. He received from the bank P1, 342.00 and promised to pay P1, 500.00 at the end of 9 months.
Determine the simple interest rate and the corresponding or often referred to as the "Banker's discount."
Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal...