You borrow P3,500.00 for one year from a friend at an interest rate of 1.5% per month instead of taking a loan from a bank at a rate of 18% per year. How much lesser you will pay by borrowing the money from the bank ?

Related Mcqs:

What is the type of annuity where the payments are made at the beginning of the each period starting from the first period ?

A. Ordinary annuity B. Perpetuity C. Annuity due D. Deferred annuity...

“When one of the factors of production is fixed in quantity or is difficult to increase, increasing the other factors of production will result in a less than proportionate increase in output”. This statement is known as the______________?

A. Law of diminishing return B. Law of supply C. Law of demand D. Law of supply and demand...

A college freshman borrowed P2,000 from a bank for his tuition fee and promised to pay the amount for one year. He received only the amount of P1,920 after the bank collected the advance interest of P80.00. What was the rate of discount ?

A. 3.67 % B. 4.00 % C. 4.15 % D. 4.25 %...

The depletion allowance method of computing depletion is commonly known as ___________________?

A. Unit method B. Percentage method C. Factor method D. Sinking fund method...

What is the increase in the money value of a capital asset is called?

A. Profit B. Capital gain C. Capital expenditure D. Capital stock...