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 refers to the cumulative effect of elapsed time on the money value of an event, based on the earning power of equivalent invested funds capital should or will earn ?

A. Present worth factor B. Interest rate C. Time value of money D. Yield...

What is considered as the standard unit which forms the basis of a country’s domestic money supply ?

A. Monetary unit B. Currency C. Foreign exchange D. Cash or check...

A factory operator bought a diesel generator set for P 10,000.00 and agreed to pay the dealer uniform sum at the end of each year for 5 years at 8% interest compounded annually, that the final payment will cancel the debt for principal and interest. What is the annual payment ?

A. P 2,500.57 B. P 2,544.45 C. P 2,540.56 D. P 2,504.57...

In what method of computing depreciation where it assumes that the loss in value is directly proportional to the age of the equipment or asset ?

A. Straight line method B. Sinking fund method C. Sum-of-year digit method D. Declining balance method...

Is an artificial being created by operation of law, having the right of succession and the process, attributes and properties expressly authorized by the law or incident to its existence ?

A. Corporation B. Property C. Partnership D. Organization...