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

What is the simple interest on ₱27,000 at 4% per year for 4 years?

  1. ₱31,320
  2. ₱4,320
  3. ₱1,080
  4. ₱432,000

Answer

B. ₱4,320

Solution

I = Prt = ₱27,000 × 0.04 × 4 = ₱4,320.

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