Use the problem below to answer questiuon number 19 and 20. Lito borrowed P6,000 from a lending institution and plans to pay after 4 years. It it was charged a 10% interest per annum,
How much was the interest after 4 years? 4
A P2.400 B. P3.700 C. P10,000 D. 12,000
How much is total amount due? A P5,400 B. P7,200 C. P8,400 D. P10.200
How much was the interest after 4 years? 4
A P2.400 B. P3.700 C. P10,000 D. 12,000
How much is total amount due? A P5,400 B. P7,200 C. P8,400 D. P10.200
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Answer:
1. A
2. C
Step-by-step explanation:
Usually now, the interest is added onto the principal to figure some new amount after 4 year(s),
or 6000.00 + 2400.00 = 8400.00.
For example:
If you borrowed the 6000.00, you would now owe 8400.00
If you loaned someone 6000.00, you would now be due 8400.00
If owned something, like a 6000.00 bond, it would be worth 8400.00 now.