Answer:
I = A - P = Php 6,000.00
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 10%/100 = 0.1 per year.
Solving equation:
A = Php 30,000(1 + (0.1 × 2)) = 36,000
A = Php 36,000.00
The total amount accrued, principal plus interest, from simple interest on a principal of Php 30,000.00 at a rate of 10% per year for 2 years is Php 36,000.00.
