Answer:
In the given problem, apply your knowledge in algebraic expression specially in finance specifically in calculation of interest
Given:
at the end of a year ( 1 year) earned an interest of Php 413.00 3.5 interest rate
Solution:
The formula for simple interest is A = P (1 + rt), where
A is the total money Pis the principal amount, r is the interest rate in decimal t is the time period in years
Solve for Principal amount
A = P (1 + rt)
A = P+ gained interest
P + 413 = P(1+0.035(1))
P+ 413 = 1.035P
413 = 1.035P - P 413 = 0.035P
P = 11 800
Answer: Php. 11 800
