answer the following (write your solution at the back of this page)\n6. how much is the simple interest…
answer the following (write your solution at the back of this page)\n6. how much is the simple interest given p = 5000, r = 6% and t = 2 years?\n7. how much money will you receive after 5 years if you deposit php20,000 in a bank that pays 7% simple interest?\n8. an interest of php760 was earned on an investment for 3 months at 3% interest rate. how much was invested?\n9. at what simple interest rate was php18,350 invested if it earned php1,025 interest for 1.5 years?\n10. how long should you invest the amount of php85,430 to earn an interest of php5,555 at 3 1/4 % simple interest?
Answer
6.
Explanation:
Step1: Recall simple - interest formula
The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Given $P = 5000$, $r=0.06$ (since $6%=0.06$), and $t = 2$.
Step2: Substitute values into formula
$I=Prt=5000\times0.06\times2$ $I = 600$
Answer:
$600$
7.
Explanation:
Step1: First, find the simple interest
Use the formula $I = Prt$. Given $P = 20000$, $r = 0.07$ (since $7%=0.07$), and $t = 5$. $I=Prt=20000\times0.07\times5=7000$
Step2: Then, find the total amount
The total amount $A$ received is the sum of the principal $P$ and the interest $I$. So $A=P + I$. $A=20000 + 7000=27000$
Answer:
$27000$
8.
Explanation:
Step1: Convert time to years
Since the time $t$ is 3 months, $t=\frac{3}{12}=0.25$ years. The interest formula is $I = Prt$. We need to find $P$, and we know $I = 760$, $r = 0.03$ (since $3%=0.03$), and $t = 0.25$.
Step2: Rearrange the formula to solve for $P$
From $I = Prt$, we can get $P=\frac{I}{rt}$. Substitute the values: $P=\frac{760}{0.03\times0.25}=\frac{760}{0.0075}=\frac{760\times400}{3}=\frac{304000}{3}\approx101333.33$
Answer:
$\frac{304000}{3}\approx101333.33$
9.
Explanation:
Step1: Use the simple - interest formula
The formula is $I = Prt$. We know $I = 1025$, $P = 18350$, and $t = 15$. We need to find $r$.
Step2: Rearrange the formula to solve for $r$
From $I = Prt$, we get $r=\frac{I}{Pt}$. Substitute the values: $r=\frac{1025}{18350\times15}=\frac{1025}{275250}\approx0.003724\approx0.37%$
Answer:
$0.37%$
10.
Explanation:
Step1: Convert the interest rate to decimal
The interest rate $r = 3.25%=0.0325$. The formula is $I = Prt$. We know $I = 5555$, $P = 85430$, and we need to find $t$.
Step2: Rearrange the formula to solve for $t$
From $I = Prt$, we get $t=\frac{I}{Pr}$. Substitute the values: $t=\frac{5555}{85430\times0.0325}=\frac{5555}{27764.75}\approx2$ years
Answer:
$2$ years