Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

You borrow P3,500.00 for one year from a friend at an interest rate of 1.5% per month instead of taking a loan from a bank at a rate of 18% per year. How much lesser you will pay by borrowing the money from the bank ?

/ Engineering Economy / By
You borrow P3,500.00 for one year from a friend at an interest rate of 1.5% per month instead of taking a loan from a bank at a rate of 18% per year. How much lesser you will pay by borrowing the money from the bank ?

A. P 62.44
B. P44.55
C. P54.66
D. P37.56