Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard

In how many years will money triple itself at 20% simple interest per year?

  1. 15 years
  2. 3.6 years
  3. 12 years
  4. 10 years

Answer

D. 10 years

Solution

Interest must equal 2 × principal: 2 = rt → t = 2/0.2 = 10 years.

More Simple Interest and Profit/Loss questions

  1. What is the maturity value of a ₱46,000 loan at 10% simple interest after 15 months?
  2. A motorcycle bought for ₱5,500 was sold for ₱5,225. What was the percent loss?
  3. A store wants a 15% profit on an item that costs ₱8,100. What should its selling price be?
  4. What principal will earn ₱5,880 simple interest at 6% per year in 2 years?
  5. How many years will it take ₱26,000 to earn ₱3,640 at 7% simple interest?
  6. Find the exact simple interest (365-day year) on ₱11,000 at 5% for 90 days.
  7. A retailer marks up an item costing ₱2,440 by 30% of cost. What is the marked price?
  8. A sari-sari store owner buys 77 packs of biscuits at ₱5 each and sells all of them at ₱13 each. What is the total profit?
  9. What is the maturity value of a ₱49,000 loan at 5% simple interest after 18 months?
  10. A motorcycle bought for ₱4,400 was sold for ₱3,520. What was the percent loss?

All Simple Interest and Profit/Loss questions