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

₱68,000 is deposited at 8% simple interest per year. How much will it amount to after 3 years?

  1. ₱16,320
  2. ₱84,320
  3. ₱73,440
  4. ₱85,661.42

Answer

B. ₱84,320

Solution

I = ₱68,000 × 0.08 × 3 = ₱16,320. Amount = ₱68,000 + ₱16,320 = ₱84,320.

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