Civil Service Exam Reviewer · Simple Interest and Profit/Loss · medium
How many years will it take ₱26,000 to earn ₱3,640 at 7% simple interest?
- 3 years
- 14 years
- 4 years
- 2 years
Answer
D. 2 years
Solution
t = I/(Pr) = 3,640/(26,000 × 0.07) = 2 years.
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