Engineering Board Exam Reviewer · Simple Interest · easy
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.
- P9,600
- P9,800
- P8,800
- P9,200
Answer
A. P9,600
Solution
I=8000(0.10)(2)=1600. Total =8000+1600=P9,600.
More Simple Interest questions
- 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?
- Find the ordinary simple interest rate if P6,000 accumulates to P6,450 in 180 days.
- How long (in days) will it take P10,000 to earn P250 interest at 9% ordinary simple interest?
- A deposit of P50,000 earns exact simple interest of P1,500 over 146 days. Find the interest rate.
- Find the present value that must be invested now at 8% ordinary simple interest to accumulate to P10,000 in 200 days.
- Find the ordinary simple interest on P5,000 for 90 days at 8% per annum. (Ordinary simple interest uses a 360-day year.)
- Find the exact simple interest on P5,000 for 90 days at 8% per annum. (Exact simple interest uses a 365-day year.)