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. Emilio borrows Php 1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?

Question

. Emilio borrows Php 1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?
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Solution 1

To calculate the total amount Emilio will have to pay back, we first need to calculate the interest he will owe.

Step 1: Calculate the interest The formula for simple interest is I = PRT, where:

  • I is the interest
  • P is the principal amount (the initial amount of money)
  • R is the rate of intere Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
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