Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
A borrower signs a 9-month note for ₱170,000 at a bank discount rate of 10% (interest deducted in advance). How much does the borrower actually receive?
- ₱170,000
- ₱182,750
- ₱153,000
- ₱157,250
Answer
D. ₱157,250
Solution
Discount = ₱170,000 × 0.1 × 9/12 = ₱12,750. Proceeds = ₱170,000 − ₱12,750 = ₱157,250.
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