13. Mr. John dela Cruz borrowed money from a bank. He receives from the bank P1,340.00 and promised to pay P1,500.00 at the end of 9 months. Determine the following: a. simple interest rate; b. the...

13. Mr. John dela Cruz borrowed money from a bank. He receives from the bank P1,340.00 and promised to pay P1,500.00 at the end of 9 months. Determine the following: a. simple interest rate; b. the corresponding discount rate or often referred to as “Bankers Discount”.