Answer to Question #267348 in Financial Math for Ayana Prica

Question #267348

The loan of Php1,350 is to be repaid in 1 year at 4.5% simple interest. How much is added to the loan?

Expert's answer

for simple interest:

$A=P(1+rt)$

$A=1350(1+0.045)=Php\ 1410.75$

it is added to the loan:

$A-P=1410.75-1350=Php\ 60.75$

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