Mr. Lopez is receiving a bonus P15,000 every three months as an employee. He decided to invest his bonuses in an investment having a simple rate of interest of 10% per annum. How much his simple interest amount at the end of 2016 if he started investing at the beginning of January 2014?
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Given:
Principle amount = P15,000 every 3 months
Rate of Simple Interest =10%
Time in years = 2014 to 2016
To find:
Simple Interest at the end of 2016.
Solution:
Principle Amount : [ (15000 × 4) × 3 ]
The original amount is P15000 every 3 months. In one year it's
times i.e. 4 times a year.
Since it started in the beginning of 2014 and ends at the end of 2016 the time in years would be 3 years.
Principle amount = P180,000
Simple Interest rate = 10% per annum
Time = 3 years.
Time starts from 2014 January to 2016 end i.e. December. So it's 3 years.
Simple Interest Formula
= 18000 × 3
= 54000
Therefore, the S.I. at the end of 2016 is P54,000
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