Engineering Board Exam Reviewer · Simple Interest · medium

Find the ordinary simple interest rate if P6,000 accumulates to P6,450 in 180 days.

  1. 15%
  2. 12%
  3. 18%
  4. 10%

Answer

A. 15%

Solution

I=450. r=I/Pt=450/6000(180/360)=450/3000=0.15=15%.

More Simple Interest questions

  1. How long (in days) will it take P10,000 to earn P250 interest at 9% ordinary simple interest?
  2. A deposit of P50,000 earns exact simple interest of P1,500 over 146 days. Find the interest rate.
  3. Find the present value that must be invested now at 8% ordinary simple interest to accumulate to P10,000 in 200 days.
  4. Find the ordinary simple interest on P5,000 for 90 days at 8% per annum. (Ordinary simple interest uses a 360-day year.)
  5. Find the exact simple interest on P5,000 for 90 days at 8% per annum. (Exact simple interest uses a 365-day year.)
  6. 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.
  7. 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?

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