Question

RJ borrows ₱18,000.00 from his friend and agrees to pay him ₱20,700.00 in 2 years and 6 months. What simple interest rate was he paying? Show your solution
A. 6%
B. 7%
C. 8%
D. 9%

Pls help me! Thank you

Answer 1

20,700 Rs. - 18,000 Rs. = 2700 Rs. (Interest)

$2700 = \frac{18000 \times (2 + ( \frac{1}{2}) \times rate)}{100} \\ 2700 = \frac{18000 \times 5\times rate}{100 \times 2} \\ 2700 = \frac{450 \times \: rate }{1} \\ rate = \frac{2700}{450} \\ rate = 6\%$

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Answer 2

Answer:

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