Question

A loan of P2, 000 is made for a period of 13 months, from January 1 to January 31 the following year, at a simple interest of 20%. What is the future amount is due at the end of the loan period?

Answer 1

$F=P(1+ni)$

$F=P2,000(1+13/12(0.2))$

$F=P2433.33$

Answer: $P2433.33$