Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
A borrower signs a 3-month note for ₱270,000 at a bank discount rate of 15% (interest deducted in advance). How much does the borrower actually receive?
- ₱270,000
- ₱280,125
- ₱229,500
- ₱259,875
Answer
D. ₱259,875
Solution
Discount = ₱270,000 × 0.15 × 3/12 = ₱10,125. Proceeds = ₱270,000 − ₱10,125 = ₱259,875.
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