A time deposits of P110,000 for 31 days earns P890.39 on maturity date after deducting the 20% withholding tax on interest income. Find the rate of interest per annum.

A time deposits of P110,000 for 31 days earns P890.39 on maturity date after deducting the 20% withholding tax on interest income. Find the rate of interest per annum.

A. 12.50% C. 11.95%
B. 12.25% D. 11.75%

Jhun Vert Sat, 06/29/2024 - 21:31

Solution