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

₱78,000 is deposited at 12% simple interest per year. How much will it amount to after 3 years?

1. ₱28,080
2. ₱106,080
3. ₱87,360
4. ₱109,585.38

Answer

B. ₱106,080

Solution

I = ₱78,000 × 0.12 × 3 = ₱28,080. Amount = ₱78,000 + ₱28,080 = ₱106,080.

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