Engineering Board Exam Reviewer · Simple Interest · easy

Find the ordinary simple interest on P5,000 for 90 days at 8% per annum. (Ordinary simple interest uses a 360-day year.)

  1. P100
  2. P90
  3. P120
  4. P111.11

Answer

A. P100

Solution

I=Prt=5000(0.08)≤ft(90/360 )=P100.

More Simple Interest questions

  1. Find the exact simple interest on P5,000 for 90 days at 8% per annum. (Exact simple interest uses a 365-day year.)
  2. A principal of P8,000 is invested at 10% simple interest for 2 years. Find the total amount due at the end of the term.
  3. P12,000 is borrowed for 120 days at 15% per annum ordinary simple interest. How much will be due at the end of the term?
  4. Find the ordinary simple interest rate if P6,000 accumulates to P6,450 in 180 days.
  5. How long (in days) will it take P10,000 to earn P250 interest at 9% ordinary simple interest?
  6. A deposit of P50,000 earns exact simple interest of P1,500 over 146 days. Find the interest rate.
  7. Find the present value that must be invested now at 8% ordinary simple interest to accumulate to P10,000 in 200 days.

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