Question

A man invested P20,000 in a savings bank account that earned 3% simple interest. Find the interest earned if the amount was kept in the bank for 3 years and 6 months. A company borrowed P523,500 on May 13 with interest due on Sept 27, 1999. If the interest rate is 10%, find the interest on the loan using (a) exact interest and (b) ordinary interest.

Name: 1 a man invested p20000 in a savings bank account that earned 3 simple interest find the interest earned if the amount was kept in the bank for 3 years and 6 months 2 a company borrowed p523 63238
Uploaded: 2022-03-26T05:46:12-08:00
Duration: 42 s
Channel: Ameer Said
Description: 1 a man invested p20000 in a savings bank account that earned 3 simple interest find the interest earned if the amount was kept in the bank for 3 years and 6 months 2 a company borrowed p523 63238

          A man invested P20,000 in a savings bank account that earned 3% simple interest. Find the interest earned if the amount was kept in the bank for 3 years and 6 months.

A company borrowed P523,500 on May 13 with interest due on Sept 27, 1999. If the interest rate is 10%, find the interest on the loan using (a) exact interest and (b) ordinary interest.

Added by Jessica R.

Elementary Statistics a Step by Step Approach

Allan G. Bluman 9th Edition

Instant Answer

Solved by Expert Ameer Said

03/26/2022

Step 1

Step 1: Calculate the interest earned using the formula for simple interest: \(I = \frac{P \times R \times T}{100}\) Show more…

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A man invested P20,000 in a savings bank account that earned 3% simple interest. Find the interest earned if the amount was kept in the bank for 3 years and 6 months. A company borrowed P523,500 on May 13 with interest due on Sept 27, 1999. If the interest rate is 10%, find the interest on the loan using (a) exact interest and (b) ordinary interest.