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?
Question
Solution 1
To find the rate of interest, we can use the formula for simple interest which is I = PRT, where:
I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time the money is borrowed for
In this case, we know that:
I = Php 1,350 P = Php 5,000 T = 3 years
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