Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
A lender charges 10% simple interest PER MONTH. If Gino borrows ₱39,000 for 4 months, how much must be repaid in total?
- ₱54,600
- ₱40,300
- ₱15,600
- ₱57,100.90
Answer
A. ₱54,600
Solution
Interest = ₱39,000 × 0.1 × 4 = ₱15,600. Total = ₱54,600. (That is 120% a year!)
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