Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
A lender charges 10% simple interest PER MONTH. If Vic borrows ₱6,000 for 3 months, how much must be repaid in total?
- ₱6,150
- ₱7,800
- ₱1,800
- ₱7,987
Answer
B. ₱7,800
Solution
Interest = ₱6,000 × 0.1 × 3 = ₱1,800. Total = ₱7,800. (That is 120% a year!)
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