18. Jasmin’s mother borrowed Php 30 000 from a credit union. At the end of 2 years she paid back Php 34 200. What was the rate of interest?
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18. Jasmin’s mother borrowed Php 30 000 from a credit union. At the end of 2 years she paid back Php 34 200. What was the rate of interest?
Complete Soloution
Nonsense-report
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Answer:
7%
Step-by-step explanation:
Formula
Where F = Future amount
P = Principal
R = Rate
T = Time
Given:
Plugging the values
Change 0.07 to percentage
Therefore , the rate of the interest is 7%