Question

1. Find the simple interest on a loan of P65,000.00 if the loan is given at a rate of 2% and
is due in 5 years and 3 months?​

Answer 1

Step-by-step explanation:

Using the formula to get the interest I=PRT

I=INTEREST

P=principal

R= rate

t=time

I=PRT

I= ?

P=P65,00

R=20% or 0.2( in decimal)

T= 3 years

then plug in the value of the given to the formula.

I= (65,000)(0.2)(3)

I=(65,000)(0.6)

I=39000

thus, the interest is 39,000

Answer 2

Answer:

Principal amount = 65000 rs

Rate = 2%

Time period = 5 years 3 months = 12*5 + 3 = 63 months or 5 1/4 years

Simple Interest = ( Principal amount * Rate * Time period ) / 100

SI = ( 65000 * 2 * 5 1/4 ) / 100

   = ( 65000 * 2 * 5 ) / 100 * 4

   = ( 650 * 2 * 5 ) / 4   ( by canceling out the zeros )

   = 162.5 * 2 * 5           ( 650 / 4 = 162.5 )

   = 162.5 * 10

   = 1625 rs

Therfore, the simple interest is Rs. 1625.

HOpe it helpS :)