Question

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?​

Answer 1

Answer:

6500

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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.

Step-by-step explanation: