A man approaches ABC Loan Agency for P100,000 to be paid in 24 monthly installments. The agency

advertises an interest rate of 1.5% per month. They proceed to calculate the amount of his monthly

payments to be P5,751.67. What is the effective rate of interest?

asked by guest
on Oct 06, 2024 at 1:23 am



Mathbot Says...

I wasn't able to parse your question, but the HE.NET team is hard at work making me smarter.


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