Answer to Question #267343 in Financial Math for Ayana Prica

Question

What is the simple interest on a Php500 loan at 2.5% interest to be paid at the end of 6 months?

Answer 1

$S. I=\frac {PRT} {100}$

P=500

R=2.5%

T=$\frac {6}{12}=0.5$

$S. I=\frac {500×2.5×0.5}{100}$

$S. I=\frac {625}{100}$

$SI=Php6.25$