Alex borrowed Php4,000 for 5 years at 6% simple interest rate to pay for his band equipment. How much interest is that?
Question
Solution 1
To calculate the simple interest, we use the formula:
Interest = Principal x Rate x Time
where:
- Principal is the initial amount of money that was borrowed or invested, in this case Php4,000.
- Rate is the annual interest rate, in this case 6% or 0.06 when expressed as a decimal.
- Time is the le Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
Similar Questions
Alex borrowed Php4,000 for 5 years at 6% simple interest rate to pay for his band equipment. How much interest is that?
Jenna borrowed Php 5,000 for 3 years and had to pay Php 1,350 simple interest at the end of that time. What rate of interest did she pay?
A student obtained a personal loan to pay for college. The student borrowed $15,000 for 3 years at a rate of 10%. How much interest does the student owe?
Avala borrowed Rs 4800 at a simple interest rate of 12.5% per annum for 2 years. Calculate the total interest paid by Avala?Options1400 1250 13001200
Alfred wants to invest N4,000 at 6% simple interest rate for 5 years. How much interest will he receive?