Question

What amount would yield an interest of Php5675 in 5 years
at 2.5% per year?

Answer 1

The amount is 51075 Rs.

• The interest on a loan or principal amount can be easily calculated using simple interest. Simple interest is a notion that is employed across a wide range of industries, including banking, finance, automobiles, and more. When you pay back a loan, the monthly interest is deducted first, and any remaining funds are applied to the principle.
• The Simple Interest (S.I.) formula is a way to figure out how much interest will accrue on a given principal sum of money. However, borrowing money is not unrestricted in the actual world. You frequently need to take out a loan from a bank to borrow money. In addition to the loan amount, you must pay back additional funds based on the loan amount and the length of time you borrowed the money. We refer to this as simple interest. This phrase is frequently used in banking.

Here, according to the given information, we are given that,

The interest = 5675, the time period = 5 years and the rate of interest is 2.5%.

Then, let the principal be x.

Now,

$\frac{x.5.(2.5)}{100}=5675$

Or, x = 45400.

Then, the amount = 45400 + 5675 = 51075.

Hence, the amount is 51075 Rs.

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Answer 2

The amount of 454 would yield an interest of 5675 in 5 years

at 2.5% per year.

Given,

Interest rate(R) =2.5% per year

Time(T) =5 years

Interest(I) =5675

To find,

Principal amount (P)=?

Solution,

We can solve this mathematical problem, using the following process:

Interest = Principal * Interest rate * Time

5675 = P * 2.5*5

P= 454

Hence, the amount of 454 would yield an interest of 5675 in 5 years

at 2.5% per year.

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