Answer to Question #239640 in Civil and Environmental Engineering for Alan Enrico V Tuib

Question

Mr. J de la Cruz borrowed money from a bank. He received from the bank P1,342 and promise to pay
P1,500 at the end of 9 months.
1. Determine the discount rate or often referred to as “Banker’s discount”
2. Determine the simple interest rate

Answer 1

 Banker’s discount= 11.7%

Simple Interest rate = 10.53%