Answer to Question #267344 in Financial Math for Ayana Prica

Question

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

Answer 1

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

$56.25=\frac {15,000×1.5×T}{100}$

$5625=22,500T$

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

T=0.25

T=3 months