2877Civil EngineeringMedium
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?
AP37.56
BP 62.44
CP54.66
DP44.55
Correct answer
C. P54.66
Explanation
The correct answer is P54.66.