Andy borrowed php 50,000 from banco matatag to pay for her daughters tuition.if the charges 4.25% interest rate,how much interest should andy pay after 3 years?
Principal, P = 50,000
Interest rate, r = 4.25% = 4.25 = 0.0425
100
Amount = P[1+r]
Amount = 50,000 [1+0.0425]³
Amount = 50,000 [1.0425]³
Amount = 50,000 [1.13299]
Amount = 56649.5
Amount = Principal + Interest
Interest = Amount - Principal
Interest = 56649.5 - 50000
Interest = P6649.5
Andy should pay P6649.5 after 3 years
Note: Guys Yung Amount = P[1+r] may maliit na t ilagagay Jan sa katabi Neto ]
