Civil Service Exam Reviewer · Simple Interest and Profit/Loss · medium
What principal will earn ₱50,820 simple interest at 11% per year in 6 years?
- ₱33,541.20
- ₱77,000
- ₱304,920
- ₱127,820
Answer
B. ₱77,000
Solution
P = I/(rt) = 50,820/(0.11 × 6) = ₱77,000.
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