Civil Service Exam Reviewer · Simple Interest and Profit/Loss · medium
What principal will earn ₱41,440 simple interest at 14% per year in 4 years?
- ₱23,206.40
- ₱74,000
- ₱165,760
- ₱115,440
Answer
B. ₱74,000
Solution
P = I/(rt) = 41,440/(0.14 × 4) = ₱74,000.
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