Answer to Question #290668 in Financial Math for Luck

Question #290668

How much was borrowed if a simple interest rate of 7.5% was offered payable in 12 months with interest of ₱105.00?

Expert's answer

"P=\\frac{I}{RT}"

12months = 1year

"P=\\frac{105}{0.075\u00d71}=1400"

P=₱1400.00

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