Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
A lender charges 6% simple interest PER MONTH. If Marco borrows ₱42,000 for 10 months, how much must be repaid in total?
- ₱44,100
- ₱25,200
- ₱67,200
- ₱75,216.60
Answer
C. ₱67,200
Solution
Interest = ₱42,000 × 0.06 × 10 = ₱25,200. Total = ₱67,200. (That is 72% a year!)
More Simple Interest and Profit/Loss questions
- An item costs ₱7,800. At what price should it be marked so that after giving a 25% discount, the store still earns 25% profit on cost?
- A manufacturer sells a fan to a wholesaler at 25% profit, the wholesaler sells to a retailer at 20% profit, and the retailer sells to a…
- The cost price of 15 items equals the selling price of 8 items. What is the percent profit?
- Two phones were each sold for ₱4,900. One was sold at a 30% gain and the other at a 30% loss (both on cost). What was the overall result?
- An appliance has a cash price of ₱35,000. On installment, the buyer pays 20% down and the balance plus 10% per year simple (add-on)…
- What is the difference between the compound interest (compounded annually) and the simple interest on ₱17,000 at 4% for 2 years?
- ₱190,000 is invested at 4% compounded annually. How much is the compound interest after 2 years?
- A 1-year loan of ₱30,000 has its 8% interest deducted in advance. What is the effective (true) interest rate on the money received?
- A borrower signs a 9-month note for ₱270,000 at a bank discount rate of 15% (interest deducted in advance). How much does the borrower…
- In how many years will money double itself at 8% simple interest per year?