Engineering Board Exam Reviewer · Simple Interest · medium
A man borrows P40,000 at 12% simple interest from March 15 to September 30 of a non-leap year. Find the ordinary simple interest (360-day year, exact number of days).
- P2,616.99
- P2,600
- P2,400
- P2,653.33
Answer
D. P2,653.33
Solution
Exact days: Mar 15 to Mar 31 is 16, then 30+31+30+31+31+30=183, giving 199 days. Ordinary interest uses a 360-day year: I=40,000(0.12)199/360=P2,653.33.
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