Practice question
A contract validly requires 8% simple annual interest from subscription on PHP100,000 unpaid for half a year. Compute interest and identify why this does not establish a universal statutory 8% rate.
Legal references
- RA11232 Revised Corporation Code: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html Sections63,65–66 and71.
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