Civil Service Exam Reviewer · Simple Interest and Profit/Loss · medium
How many years will it take ₱56,000 to earn ₱31,360 at 7% simple interest?
- 9 years
- 56 years
- 16 years
- 8 years
Answer
D. 8 years
Solution
t = I/(Pr) = 31,360/(56,000 × 0.07) = 8 years.
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