3. Randy borrows P63,300 for 3 year and 6 months at a simple interest rate of 9.85% per year. Determine the simple discount and the proceeds.
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Answer:
3. P = M (1-rt)
P = P63300 × 1-(0.0985)(3.5)
P = P63300 × 1-0.34475
P = P65000 × 0.65525
P = P42,591.25
Simple Discount : P63,300.00
Proceeds : P42,591.25
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