Charles lends Php 7,500 to Stacy at an interest rate of 10% per annum. He also lends the same amount to Torrie at an interest rate of 12% per annum. How much is the total interest that Charles will receive after two years?
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Charles lends Php 7,500 to Stacy at an interest rate of 10% per annum. He also lends the same amount to Torrie
Verified answer
Interest:
Charles will receive a total of ₱3,300 after 2 years.
Solutions:
Given: ₱7,500 - amount lent to Stacy and Torrie
10% - interest rate of Stacy's loan
12% - interest rate of Torrie's loan
2 years - time
Using the formula I = Prt where I - interest, P - principal amount, r - rate of interest, and t - time. Find the interest of Stacy's loan.
I = Prt
I = ₱7,500 x 10% x 2
I = ₱7,500 x .10 x 2
I = ₱7,500 x .20
I = ₱1,500
Therefore, Stacy will pay an interest of ₱1,500 after 2 years.
Using the same formula, find the interest of Torrie's loan.
I = Prt
I = ₱7,500 x 12% x 2
I = ₱7,500 x .12 x 2
I = ₱7,500 x .24
I = ₱1,800
Therefore, Torrie will pay an interest of ₱1,800 after 2 years.
Find the total interest that Charles will receive after 2 years.
₱1,500 + ₱1,800 = ₱3,300
Therefore, Charles will receive a total of ₱3,300 interest after two years.
What is the formula for finding the interest: brainly.ph/question/10852587
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