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What simple interest did the bank charge

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Question

1. An engineer has just borrowed P8000 from a local bank. at the rate of 1% per month on the unpaid balance. his contract states that he must repay the loan im 35 equal monthly installments. how much money must he repay each month?

2. A man plans to buy a P150, 000 house. He wants to make a down payment of P30, 000 and to take out a 30years mortgage for the remaining P120, 000, at 10% per years, compounded monthly. How much must be repay each month?

3. Glenn borrowed money from a bank. She received from the bank Php13, 420 and promised to pay Php15, 000 at the end of 9months. At what simple interest did the bank charge?

Reference no: EM132335791

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