Question

the interest pf rolando's borrowed money costs Php3,200 with a rate of 3% per annum in 3 years. How much is the principal? [BUSINESS MATH]​

Answer 1

Answer:

SIMPLE AND COMPOUND INTEREST A Presentation By Himansu S M / 31-Jul-2013

2. What is Interest?  When you borrow Money from someone  Or use somebody else’s Money  You have to pay a service charge to him.  This amount is paid back to the Lender along with the original amount borrowed.  This is sometimes known as the cost of Money which doesn’t belong to you, but you have used it. 31-Jul-2013 2(C) Himansu S M

3. What is Interest?  This extra amount is called the “INTEREST”  The original amount borrowed is known as the “PRINCIPAL” or “CAPITAL” in different situations  The sum of both Principal and the interest is known as “AMOUNT” 31-Jul-2013 3(C) Himansu S M