Civil Service Exam Reviewer · Simple Interest and Profit/Loss · easy

Find the simple interest on ₱29,000 at 8% per year for 6 months.

  1. ₱13,920
  2. ₱2,320
  3. ₱1,160
  4. ₱11,600

Answer

C. ₱1,160

Solution

t = 6/12 year. I = ₱29,000 × 0.08 × 6/12 = ₱1,160.

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