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9. it is the practice of almost all banks in the Philippines that when they grant a loan. the interest for one year is automatically deducted from the principal amount upon release of money to a borrower. Let us therefore assume that you applied for a loan with a bank and the P80.000 was approved at an interest rate of 14% of which P11.200 was deducted and you were given a check of P68,800. Since you have to pay the amount of P80,000 one year after, what then will be the effective interest rate? - A. 16.02 % - B. 16.28 % - C. 16.32 % - D. 16.47 % 10. A man invested P110.000 for 31 days. The net interest after deducting 20% withholding tax is P890.36. Find the rate of return annually