If you borrowed 30,000 pesos from the bank at a 7.8% interest rate, payable in 4.5 years via a simple interest scheme, how much do you have to pay back to the bank in total?
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Given-
Principal(P) =30,000pesos
Rate (R) =7.8%p.a
Period (N) = 4.5 years
:Simple Interest=?
:Simple Interest= P×N×R÷100
= 30,000×7.8×4.5÷100
=10,530pesos
:Amount = Principal+Interest
=30,000+10,530
=40,530pesos
Principal(P) =30,000pesos
Rate (R) =7.8%p.a
Period (N) = 4.5 years
:Simple Interest=?
:Simple Interest= P×N×R÷100
= 30,000×7.8×4.5÷100
=10,530pesos
:Amount = Principal+Interest
=30,000+10,530
=40,530pesos
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