How much is the interest that will be paid on a P25,000 loan that was made on May 1, 2002 and repaid on August 1, 2005 with (a) exact simple interest and (b) ordinary simple interest at 8% per year. 

 

 

• Deposits of P32,000.00, P28,000.00 and P15,000.00 are made in a savings account in the 1st year, 4th year, and 6th year, respectively. 

• Determine the accumulated amount in the account after 7 years if a withdrawal of P10,000.00 and P25,000 was made in the 4th and 6th year, respectively. The applied interest rate is 11% compounded quarterly.

Answer rating: 100% (QA)

a To calculate the exact simple interest on a loan we need to determine the number of days between M... View the full answer