( Simple Interest )
Solve the problem
A bank charges 2.25% simple interest per month on housing loans. If Anthony borrows P64,000 for a period of 2 years and 3 months, what is the total interest that he has to pay?
Solve the problem
A bank charges 2.25% simple interest per month on housing loans. If Anthony borrows P64,000 for a period of 2 years and 3 months, what is the total interest that he has to pay?
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Answer:
64000
×0.0225
=1440
1440
×2.25
=3240
Answer:P3,240.00
Step-by-step explanation:
Use the formula in finding simple interest-Principal×Rate of Interest×Time