Answer to Question #267344 in Financial Math for Ayana Prica

Question #267344

How many months will it take Php15,000 to earn Php56.25 at 1.5% simple interest rate?

1
Expert's answer
2021-11-17T17:24:45-0500

SI=PRT100SI=\frac {PRT} {100}


56.25=15,000×1.5×T10056.25=\frac {15,000×1.5×T}{100}


5625=22,500T5625=22,500T


T=562522500T=\frac {5625}{22500}


T=0.25


T=3 months


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