1. A man borrows money from a bank which uses a simple discount rate of 14%. He signs a promissory note promising to pay P500.00 per month at the end of 4th, 6th, and 7th month respectively. Determine the amount of money that he received from the bank.
2. P500,000 was deposited at an interest of 6% compounded quarterly. Compute the compound interest after 4 years and 9 months
3. P200,000 was deposited for a period of 4 years and 6 months and bears on interest of P85649.25. What is the rate of interest if it is compounded quarterly?