Answer to Question #264149 in English for aira

Question

Explanation

Jon is the manager of lending company name Northernmost. Milo and Mila were in-laws of Jon. The two went to Northernmost to borrow money amounting to P 50,000.00 with the interest rate of 25%. The joint creditor who is the Manager, Milo and Mila, the two joint debtors, agreed with the terms and conditions of the lending company.

Questions:

1. Is the contract valid?

2. Can the collector of Northernmost demand only P35, 000.00 from Mila?

3. Can the collector of Northernmost demand only P15, 000.00 From Milo?

4. How much can the collector collect form Milo and Mila?

Answer 1

1. yes, because when given a loan in any lending company, there must be interest on its return

2. the collector should not demand P35,000 from Mila because it is higher the amount that they should share with Milo .

3. the collector of northernmost should not demand P15,000 from Milo because it is a lower amount than they should share with Mila.

4. the collector should collect P62,500 from Milo and Mila,