Answer:
1) You deposit some money into a bank account paying 10% simple interest per year. You received P15,000 in interest after 2 years. How much was the deposit?
2) A businessman deposited P270,000 into his bank account and received P45,000 simple interest after 5 years. What had been the interest rate?
3) How long will it take for P33,500 in a coop bank with 30% annual interest rate to earn P4,500 as interest?
Step-by-step explanation:
1) GIVEN: Is = P15,000
r = 10% = 0.10
t = 2
FIND: P
SOLUTION:
P = ls/(r•t)
= 15,000/(0.10•2)
= 15,000/0.20
P = 75,000
2) GIVEN: P = P270,000
Is = P45,000
t = 5
FIND: r
SOLUTION:
r = Is/(P•t)
= 45,000/(270,000•5)
= 45,000/1,350,000
= 0.0333 ---> pls put a line on top of 333
r = 3.33%
3) GIVEN: P = P33,500
r = 30% = 0.30
Is = P4,500
FIND: t
SOLUTION:
t = Is/(P•r)
= 4,500/(33,500•0.30)
= 4,500/10,050
t = 0.4478
t = 5 months and 12 days
