Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
A borrower signs a 3-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
- ₱174,250
- ₱165,750
- ₱153,000
Answer
C. ₱165,750
Solution
Discount = ₱170,000 × 0.1 × 3/12 = ₱4,250. Proceeds = ₱170,000 − ₱4,250 = ₱165,750.
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