Engineering Board Exam Reviewer · Discount · easy
A P60,000 note due in 8 months is discounted at a 9% simple discount rate. Find the proceeds.
- P56,400
- P3,600
- P63,600
- P54,600
Answer
A. P56,400
Solution
Discount =60,000(0.09)8/12=P3,600. Proceeds =60,000-3,600=P56,400.
More Discount questions
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- Find the equivalent simple interest rate corresponding to a simple discount rate of 10% for 1 year.
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