Find the difference between simple interest and compound interest on a savings deposit of P50,000 at 10% per annum for 3 years.
Added by Crystal W.
Step 1
The formula for simple interest is: Simple Interest = Principal x Rate x Time In this case, the principal (P) is P50,000, the rate (R) is 10% (or 0.10 as a decimal), and the time (T) is 3 years. So, the simple interest can be calculated as: Simple Interest = P Show more…
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