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Popular >

how long will an amount of Php 20000 earn a simple interest of Php 3000 if the interest rate is 6% per year

Solution

how long will an amount of Php 20000 earn a simple interest of Php 3000 if the interest rate is 6% per year

Solution

Time : 2 \frac{1}{2}

Solution steps

Translate the problem into an equation:

3000 = 20000 \cdot 0.06 t

Solve for

t, 3000 = 20000 \cdot 0.06 t : t = 2 \frac{1}{2}

Time : 2 \frac{1}{2}

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