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You borrow P3 500 00 for one year from a friend...

This question belongs to Civil Engineering Engineering Economics
Engineering Economics
?

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?

Answer & Solution
Correct Answer: Option C
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