Question

a. Php 52,500.00 b.Php 22,600.00 c. Php 26,300.00 d. Php 35,400.00 30. A commercial bank charges 9% interest for a 120-day loan. If the exact interest amount is Php 264.00, how much is the principal amount? a. Php 8,922.22 b. Php 9,822.22 c. Php 10,000.00 d. Php 9,000.00

          a. Php 52,500.00 b.Php 22,600.00
c. Php 26,300.00
d. Php 35,400.00
30. A commercial bank charges 9% interest for a 120-day loan. If the exact interest amount is Php 264.00, how
much is the principal amount?
a. Php 8,922.22
b. Php 9,822.22
c. Php 10,000.00
d. Php 9,000.00

a. Php 52,500.00 b.Php 22,600.00
c. Php 26,300.00
d. Php 35,400.00
30. A commercial bank charges 9% interest for a 120-day loan. If the exact interest amount is Php 264.00, how
much is the principal amount?
a. Php 8,922.22
b. Php 9,822.22
c. Php 10,000.00
d. Php 9,000.00

Added by Paul M.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Gregory Higby

Step 1

Since the loan is for 120 days and the interest amount is Php 264.00, we can divide the interest amount by the number of days to get the interest rate per day. Interest rate per day = Php 264.00 / 120 = Php 2.20 Show more…

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Thanks for your feedback!

a. Php 52,500.00 b. Php 22,600.00 c. Php 26,300.00 d. Php 35,400.00 30. A commercial bank charges 9% interest for a 120-day loan: If the exact interest amount is Php 264.00, how much is the principal amount? a. Php 8,922.22 b. Php 9,822.22 c. Php 10,000.00 d. Php 9,000.00