A young engineer borrowed P12,000 at an interest rate of 10 percent per annum. Find the lump sum that he will pay at the end of 4 years.
Question
Solution 1
To solve this problem, we need to use the formula for simple interest which is I = PRT, where:
- I is the interest
- P is the principal amount (the initial amount of money)
- R is the rate of interest per year
- T is the time the money is invested for in years
In this case, the principal P is P12, 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
A young engineer borrowed P12,000 at an interest rate of 10 percent per annum. Find the lump sum that he will pay at the end of 4 years.
A young engineer borrowed P12,000 at an interest rate of 10 percent per annum. Find the lump sum that he will pay at the end of 4 years. Answer: P17,569.20.
At what percent per annum will sum of Rs 8000 amount to Rs 9261 in 3 years, if interest is compounded annually?20%4%5%8%
Alex borrowed Php4,000 for 5 years at 6% simple interest rate to pay for his band equipment. How much interest is that?
Simple interest on sum of money ios 36/81 of the principal and no of years is equal to the rate of interest. Find the rate of interest per annum.