Engineering Board Exam Reviewer · ECE · hard
A ₱500,000 balance for a completed radio installation remained unpaid for 2 years after judicial demand. Using the 6% per annum legal interest (simple), how much interest is due?
- ₱30,000.00
- ₱120,000.00
- ₱61,800.00
- ₱60,000.00
Answer
D. ₱60,000.00
Solution
Interest = 500,000 × 0.06 × 2 = ₱60,000.
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