General MathematicsProblem:What interest rate would yield ₱1,200 interest on ₱10,000 in 2 years?

Question

03-11-2022
Mathematics

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General MathematicsProblem:What interest rate would yield ₱1,200 interest on ₱10,000 in 2 years?

Sagot :

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NyelaX274435 NyelaX274435 · Answer 1 · 2022-11-03T18:24:59-04:00

Answer

Interest rate = 6%

Explanation

From the information given in the question,

Interest, I = ₱1,200

Principal, P = ₱10,000

Time, T = 2 years

Interest rate, R = ?

Using Simple Interest formula:

[tex]I=\frac{PRT}{100}[/tex]

Since I, P and T are know, we shall substitute these values into the formula to get R.

[tex]\begin{gathered} 1200=\frac{10000\times R\times2}{100} \\ 1200=200R \\ \text{Divide both sides by 200} \\ \frac{1200}{200}=\frac{200R}{200} \\ R=6 \end{gathered}[/tex]

Therefore, the interest rate is 6%

General MathematicsProblem:What interest rate would yield ₱1,200 interest on ₱10,000 in 2 years?

Sagot :

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