3. Ricky borrowed ₱25,000.00 and paid ₱1,250.00 interest for 6 months. What was the
rate of interest?
Solution:
Given:
P= ₱25,000.00 ;
Is= ₱1,250.00;
t=6/12 year or 0.5 year
r=Is ÷ Pt
r=₱1,250.00 ÷ ₱25,000.00(0.5)
r = 0.1 or 10%
Therefore, the rate of interest was 0.1 or 10%.
patulong po please with solution po sana:-)
rate of interest?
Solution:
Given:
P= ₱25,000.00 ;
Is= ₱1,250.00;
t=6/12 year or 0.5 year
r=Is ÷ Pt
r=₱1,250.00 ÷ ₱25,000.00(0.5)
r = 0.1 or 10%
Therefore, the rate of interest was 0.1 or 10%.
patulong po please with solution po sana:-)
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Answers & Comments
Answer:
R = 0.8333%
Step-by-step explanation:
10% interest rate per month would be too big! That would be P2,500 per month which is way more than the interest he paid for in 6 months.
Instead of changing the 6 months to 0.5, keep it as is:
R = 1,250 ÷ (25,000 × 6)
R = 0.008333
R = 0.8333% per month
Checking:
P25,000 × 0.8333% = P208.325 (amount he will pay every month)
P208.325 x 6 months = P1,249.95
OR
A = P [ 1 + r t ]
where A = the total of interest + principal
P = principal amount or the original amount borrowed
1 = constant
r = rate of interest
t = time
(25,000+1250) = 25,000[1+r(6)]
26,250 = 25,000+150,000r
26,250-25,000 = 150,000r
1,250 = 150,000r
r = 1,250/150,000
r = 0.008333333
r = 0.8333%