Read each word problem carefully, then solve the problem.
1. The pawnshop owner charges 4% per month for an article pawned appraised at ₱5,000.00 for a period of 4 months. How much is the total amount for the simple interest? How much is the total amount due after 4 months?
2. Gina invested her money worth ₱150,00 earning an interest of 4.5% per year for 5 years. How much interest did Gina's money earn? How much is the total amount of her money after the fifth year?
3. Mr. Lising placed ₱75,000.00 in a bank with 6% interest annually. How long will his money be invested in order to obtain the amount of ₱93,000.00? How much is the total interest earned after that period?
4. The amount borrowed is ₱60,000.00 with a simple interest rate of 8.5% per annum. How much will be the total amount due after
8 1/2
years? What is the total interest charged after
8 1/2
years?
5. My money in the bank is ₱225,000.00 earning an interest of 1.2% per month. If I will withdraw my money after 36 months, how much is my money in the bank? How much is the total interest earned?
Answers & Comments
Verified answer
Answer:
Step-by-step explanation:
1.
I = Prt
= 5,000 x 0.04 x 4
= ₱800
==============================
2.
150 000 or 150?
I = Prt
= 150 000 x 0.045 x 5
= ₱33 750
------------------------
= 150.00 x 0.045 x 5
= ₱33.75
F = P + I
= 150 000 + 33 750
= ₱183 750
--------------------------
= 150.00 + 33.75
= ₱183.75
==============================
3.
F = P + I
93 000 = 75 000 + I
I = ₱18 000 (total interest)
I = Prt
18 000 = 75 000 (0.06) t
t = 4 years
==============================
4.
If the charge rate is per annum, it will only earn per annum / every year.
given time = 8 1/2 year
1/2 year is not counted as a completed year so only 8 years.
I = Prt
= 60 000 (0.085) 8
= ₱40 800
It is not : 60 000 (0.085) (8.5)
= 43 350
Total Amount:
F = P + I
= 60 000 + 40 800
= ₱100 800
==============================
5.
I = Prt
= 225 000(0.012)(36)
= ₱97 200
F = P + I
= 225 000 + 97 200
= ₱322 200