A man borrowed from a bank under a promissory note that he signed in the amount of p60,000 for a period of one year. he received only p50,150 after the bank collected the advanced interest and an additional amount of p850 for notarial and inspection fees. what was the rate of simple interest that the bank collected in advance
Answer:
We are given:
1. The original amount borrowed was P60,000.
2. The borrower received only P50,150 after the bank collected interest and some fees.
First, we calculate the amount of the interest collected:
P50,150 = P60,000 – (simple interest for one year) – P850
Solving for the interest, we get:
(P60,000 – P50,150) / P50,150 = ((1 + r/100)^1)
(P60,000 – P50,150) / P50,150 = 1 + 0.01
(P60,000 – P50,150) / P50,150 = 1.01
P60,000 – P50,150 = P50,150 * 0.01
P60,000 – P50,150 = P501.5
Therefore, the bank collected an advance interest of P501.5.
To find the rate of simple interest, we can use the following formula:
r = (interest collected / amount borrowed) * 100
So, the rate of interest collected in advance is:
r = (P501.5 / P60,000) * 100 = 0.8375%
Therefore, the rate of simple interest that the bank collected in advance is 0.8375%.
Explanation: correct me if im wrong
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