1. Jenniah borrowed money from the bank amounting to ₱100 000.00. The interest rate of the bank is 5.5% a year. Find the total amount he has to pay in five years.
2. Paul deposited ₱80000.00i n a bank.How much interest will he earn in 3 years if the bank gives 1.5% simple interest annually?
3. Gino deposits ₱36000.00 i n a bank.This earns an interest rate of 2.5% per year. How much interest will he get after 4 years?
Share
Answer:
1. F = P(1 + rt)
F = Future Amount = Unknown
P = Principal Amount = P 100,000
r = Interest Rate = 5.5% = 0.055
t = Number of years = 5 Years
Therefore, the total amount he has to pay in 5 years is P127,500.
2. I = Prt
I =Interest Amount = Unknown
P = Principal Amount = P 80,000
r = Interest Rate = 1.5% = 0.015
t = Number of years = 3 Years
Therefore, the interest amount after 3 years is P3,600.
3. I = rt
I = Interest Amount = Unknown
P = Principal Amount = P 36,000
r = Interest Rate = 2.5% = 0.035
t = Number of years = 4 Years
Therefore, the interest amount after 4 years is P3,600.
Step-by-step explanation:
#ExcellenceIsAChoice