# 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 ? with Answer - Civil Engineering Mcqs | TestPrep

> Solved MCQ: 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 ? Correct Answer: B. 4.00 %. Verified answer explanation for FPSC, PPSC, MDCAT, NTS, and CSS competitive exam preparation.

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# 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 ?

Direct Answer & Quick Reference

The correct option is **B. 4.00 %**.

A. 3.67 %

B. 4.00 % **(Correct Answer)**

C. 4.15 %

D. 4.25 %

✨ Explain with AI

Verified Key: B. 4.00 %
Solved by 3,059+ students

Verified against official examination board answer keys and standard curriculum textbooks.

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