Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
A lender charges 10% simple interest PER MONTH. If Pia borrows ₱4,000 for 10 months, how much must be repaid in total?
- ₱8,000
- ₱4,333.33
- ₱4,000
- ₱10,375.97
Answer
A. ₱8,000
Solution
Interest = ₱4,000 × 0.1 × 10 = ₱4,000. Total = ₱8,000. (That is 120% a year!)
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