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.
Question
Solution 1
The young engineer borrowed P12,000 at an interest rate of 10 percent per annum. This means that each year, the amount of money he owes increases by 10 percent of the original amount, P12,000.
Step 1: Calculate the annual interest. 10/100 * P12,000 = P1,200.
This means that each year, the engine Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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