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7. Mr. Bacani borrowed money from the bank. He received from the bank P1842 and promised to repay P2000 at the end of 10 months. Determine the rate of simple interest. - A. 12.19 % - B. 12.03 % - C. 11.54 % - D. 10.29 % 8. A college freshman borrowed P2000 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 P8000. What was the rate of discount? - A. 3.67 % - B. 4.00 % - C. 4.15 % - D. 4.25 %