Mr. Cruz barrowed ₱25,000.00 from bank at 8% simple interest per year if he paid it after 1 year how much did he pay?
answer: 27,000
I know but solutions please
only solution
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Mr. Cruz barrowed ₱25,000.00 from bank at 8% simple interest per year if he paid it after 1 year how much did he pay?
answer: 27,000
I know but solutions please
only solution
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Simple Interest = Principal × Interest Rate × Time
I = Prt where
The Principal (P) is the amount of money deposited or borrowed.
Php 25,000.00
The Interest Rate (r) is a percent of the principal earned or paid.
=8%
The Time (t) is the length of time the money is deposited or borrowed.
= 1 year
Note: the formula is on the attached file.
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