ma. luisa paid the bank P 1,730 interest at 7% simple interest for 120 days. how much did ma luisa borrows SHOW YOUR SOLUTION
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ma. luisa paid the bank P 1,730 interest at 7% simple interest for 120 days. how much did ma luisa borrows SHOW YOUR SOLUTION
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The formula for the common interest of a loan of a principal P with a simple interest yearly rate r (in decimal form) adter n days is
Substituting the formula with the given data we get
Dividing both sides by 0.02333:
Answer: P 74,142.86