Problem Statement: ME Board April 1998
A bank charges 12% simple interest on a P300.00 loan. How much will be repaid if the loan is paid back in one lump sum after three years?
- A. P408.00
- B. P415.00
- C. P551.00
- D. P450.00
The amount to be repaid if the loan is paid back in one lump sum is P408.00.
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