1. Find the simple interest on a loan of ₱65,000.00 if the loan is given at a rate of 2% and is due in 5 years and 3 months?
2. How much money will you have after 4 years if you deposited ₱10,000.00 in a bank that pays 6% simple interest?
Patulong po please with complete solutions:-) @onlyakem
2. How much money will you have after 4 years if you deposited ₱10,000.00 in a bank that pays 6% simple interest?
Patulong po please with complete solutions:-) @onlyakem
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Answer:
1) P6,825.00
2) P12,400.00
Step-by-step explanation:
1)
I = P × r × t
I = (65,000)(0.02)(5.25)
I = 6,825
INTEREST = P6,825
2) It is still a simple interest. This means that it earns 6% interest annually. That would be P600 a year.
A = P [ 1 + r t]
A = 10,000 [ 1 + (0.06)(4)]
A = 10,000 + 2,400
A = 12,400