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Answered

How much interest will be charged on a loan of
P 150,000.00 for 3 years at an interest rate of 5%?​

Sagot :

KATHREENTORDILGO

Answer:

Year 1 : 12 000 × 5 % = 600

Year 2 : (12 000 + 600) × 5 % = 630

Total interest = 1 230

The formulae applied :

FV = PV (1 + i) ^n

Interest = FV - PV

Step-by-step explanation:

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