A college freshman borrowed P2,000 from a bank for h... - Solved MCQs & Answer

2553Civil EngineeringMedium

A college freshman borrowed P2,000 from a bank for his tuition fee and promised to pay the amount for one year. He received only the amount of P1,920 after the bank collected the advance interest of P80.00. What was the rate of discount?

A4.00 %

B4.15 %

C4.25 %

D3.67 %

Correct answer

A. 4.00 %

Explanation

The correct answer is 4.00 %.

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