Question
A company obtained a short-term loan from a bank. Information about such loan is as follows: Principal of loan - P10 million; Stated interest rate
A company obtained a short-term loan from a bank. Information about such loan is as follows:
Principal of loan - P10 million;
Stated interest rate - 10%;
Terms - 1 year.
If the loan is add-on interest, the effective rate is?
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Personal Finance
Authors: Jane King, Mary Carey
2nd Edition
0198748779, 9780198748779
