On March 1, 1996 Mr. Sarmiento obtains a loan of P1500 from Mr. Avila and signs a
note promising to pay the principal and accumulated simple interest at the rate of 5% at the
end of 120days. On May 15, 1996, Mr. Avila discounts the note at the bank whose discount
rate is 6%. What does he receive?

Question

On March 1, 1996 Mr. Sarmiento obtains a loan of P1500 from Mr. Avila and signs a
note promising to pay the principal and accumulated simple interest at the rate of 5% at the
end of 120days. On May 15, 1996, Mr. Avila discounts the note at the bank whose discount
rate is 6%. What does he receive?

On March 1, 1996 Mr. Sarmiento obtains a loan of P1500 from Mr. Avila and signs a note promising to pay the principal and accumulated simple interest at the rate of 5% at the end of 120days. On May 15, 1996, Mr. Avila discounts the note at the bank whose discount rate is 6%. What does he receive?

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