1. John borrowed an amount of Php300,000.00 from ABM Lending Company. The
loan ha an interest rate of three percent to finance his new branch. How much is the
interest amount after one year?
Interest Amount:
P R T
loan ha an interest rate of three percent to finance his new branch. How much is the
interest amount after one year?
Interest Amount:
P R T
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Answer:
Php 309 000
Step-by-step explanation:
A = P (1 + rt)
where: A = the interest amount
P = Principal amount
r = rate
t = no. of years
SOLUTION :
A = P ( 1 + rt )
= 300 000 ( 1 + .03 )
A = 309 000