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A business person borrowed ₱150,000 for two years at 13.5% interest per year. How much interest will the business person pay?

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Answer:

40,500 PESOS

Step-by-step explanation:

PRINCIPAL = 150,000 PESOS

RATE = 13.5% OR 0.135%

TIME = 2 YEARS

150,000 PESOS × 0.135% = 20,250 PESOS

20,250 PESOS × 2 YEARS = 40,500 PESOS

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