Engineering Board Exam Reviewer · Discount · easy
A P50,000 note due in 90 days is discounted at a bank at 12% discount rate. Find the proceeds.
- P48,500
- P48,000
- P49,000
- P47,500
Answer
A. P48,500
Solution
D=50000(0.12)≤ft(90/360 )=1500. Proceeds =50000-1500=P48,500.
More Discount questions
- A promissory note for P30,000 is due in 6 months. If discounted now at 9% simple discount, find the discount.
- A note for P10,000 is discounted at 8% simple discount for 90 days. Find the discount.
- For the note above (F=P10,000, D=P200), find the proceeds.
- A P20,000 note is discounted at 10% for 180 days. Find the proceeds.
- Find the discount rate if a P15,000 note yields proceeds of P14,250 after being discounted for 120 days.
- A borrower receives proceeds of P9,000 from a loan discounted at 10% for 1 year. Find the face value of the note.
- Find the equivalent simple interest rate corresponding to a simple discount rate of 10% for 1 year.