Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
A lender charges 10% simple interest PER MONTH. If Sofia borrows ₱22,000 for 6 months, how much must be repaid in total?
- ₱23,100
- ₱13,200
- ₱38,975.34
- ₱35,200
Answer
D. ₱35,200
Solution
Interest = ₱22,000 × 0.1 × 6 = ₱13,200. Total = ₱35,200. (That is 120% a year!)
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