Answer to Question #278599 in Financial Math for Kai

Question

How much was borrowed is a simple interest rate of 2.10% was offered payable in 4 months with interest of Php 35.00?

Answer 1

$Principle = \frac{Simple\space interest }{ (interest \times time)}\\ = \frac{35 }{ (2.10\%\times \frac{4}{12})}\\ =5000.00\\ Amount\space borrowed = 5000.00$