Civil Service Exam Reviewer · Simple Interest and Profit/Loss · easy
₱15,000 is deposited at 4% simple interest per year. How much will it amount to after 5 years?
- ₱3,000
- ₱18,000
- ₱15,600
- ₱18,250.79
Answer
B. ₱18,000
Solution
I = ₱15,000 × 0.04 × 5 = ₱3,000. Amount = ₱15,000 + ₱3,000 = ₱18,000.
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