4. A business takes out a simple interest loan of P10,000 at a rate of 7.5%, what is the total amount the business will repay if the loan is for 8 years?
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4. A business takes out a simple interest loan of P10,000 at a rate of 7.5%, what is the total amount the business will repay if the loan is for 8 years?
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Answer:
Php 16,000
Step-by-step explanation:
use simple interest formula I = Prt
P = 10,000
r = 7.5%
t = 8
I = 10,000 x 0.075 x 8
I = 6,000
Total amount to repay = 10,000 + 6,000 = 16,000
Answer:
He will pay ₱16,000 after 8 yrs
Step-by-step explanation:
Formula for simple interest:
A = P(1+rt)
Formulate equation:
7.5% convert to decimal 0.075
10,000(1 + 0.075 × 8)
= ₱16,000