Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
A borrower signs a 6-month note for ₱230,000 at a bank discount rate of 8% (interest deducted in advance). How much does the borrower actually receive?
- ₱230,000
- ₱239,200
- ₱211,600
- ₱220,800
Answer
D. ₱220,800
Solution
Discount = ₱230,000 × 0.08 × 6/12 = ₱9,200. Proceeds = ₱230,000 − ₱9,200 = ₱220,800.
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