Question: A man borrows money from a bank which uses a simple discount rate of 14%. He signs a promissory note promising to pay P500 per

A man borrows money from a bank which uses a simple discount rate of 14%. He signs a promissory note promising to pay P500 per month at the end of 4th, 6th, and 7th months respectively. Determine the amount of money that he received from the bank.

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