Mr. Solomon borrowed P20, 000 at 2% interest for 1 year. what was the total amount he paid at the end of the 1-year term
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Mr. Solomon borrowed P20, 000 at 2% interest for 1 year. what was the total amount he paid at the end of the 1-year term
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Answer:
Given:
[tex]Given\\I = ? \\P = 20 000\\r = 0.03 \\t = 1\\I = Prt\\= (20 000)(0.03)(1)\\I = 600\\[/tex]
total amount = P + I
= 20 000 + 600
= 20 600
the total amount he will paid at the end of the 1-year term is P20 600