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how many months will it take for an investment of Php 30,000.00 to earn Php 112.50 at 1.5% simple interest rate?

Sagot :

KuyaEngridn

In the given problem, apply your knowledge in algebraic expression specially in finance specifically in calculation of interest

Given:

investment of Php 30,000.00

earn Php 112.50

1.5% simple interest rate

Solution:

The formula for compound interest is A = P (1 + rt), where

A is the total money

P is the principal amount,

r is the interest rate in decimal

t is the time period in years

Solve for t (no. if year)

A = P (1 + rt)

30000 + 112.50 = 30000(1+0.015(t))

30112.5 = 30000(1+0.015t)

30112.5 = 30000 + 450t

112.5 = 450t

t = 112.5/450

t = 0.25 year

Convert to Months

0.25 year × 12 months/1 year

= 3 months

Answer: 3 months

Learn more about interest here at https://brainly.ph/question/8530478

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