Maria paid 9,250 pesos on a loan made 6 months before at 12% simple interest. find the interest generate
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Maylai
19.11.2020
Math
Senior High School
answered • expert verified
Maria paid 9,250 pesos on a loan made 6 months before at 12% simple interest. find the interest generate
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KuyaEngr
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In the given problem, you need to apply your knowledge and skills in alegbra and basic math especially in calculation of interest of investment and loans.
Given:
Maria paid 9,250 pesos on a loan
6 months before
12% simple interest
Problem:
Find the interest generate
Solution:
The formula for simple interest is:
A = P(1+rt), where:
P is the Principal amount
r is the rate, in decimal form
t is the number of time periods
Remember, the interest rate is applied annually.
6 months = 0.5 years
9 250 = P[1+0.12(0.5)]
9 250 = P[1+0.06]
9 250 = 1.06P
P = 9250/1.06
P = 8726.42
Calculate the Interest Generated
A - P
9250 - 8726.42
= 523.58
Final Answer: Php. 523.58
si = p×r×t/100
si = 9250 × 12 × 6 / 100 × 12
si = 666000 / 1200
si = 555
so the si generated is Rs.555