Engineering Board Exam Reviewer · Simple Interest · hard
A deposit of P50,000 earns exact simple interest of P1,500 over 146 days. Find the interest rate.
- 7.5%
- 8.0%
- 7.0%
- 9.0%
Answer
A. 7.5%
Solution
r=I/Pt=1500/50000(146/365)=1500/20000=0.075=7.5%.
More Simple Interest questions
- 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.)
- 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.
- 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?