Civil Service Exam Reviewer · Simple Interest and Profit/Loss · medium
What principal will earn ₱29,700 simple interest at 11% per year in 3 years?
- ₱90,000
- ₱9,801
- ₱89,100
- ₱119,700
Answer
A. ₱90,000
Solution
P = I/(rt) = 29,700/(0.11 × 3) = ₱90,000.
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