Question

amy borrowed money from the lending company at 6% interest if she paid an interest of php450.00 after 19months how much money did she borrow​

Answer 1

She borrowed php4737.00.

Explanation:

This is a simple interest problem.

The simple interest formula is given by:

`E = P*I*t`

In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

`T = E + P`

6% interest:

This means that
`I = 0.06`

19 months:

An year has 12 months, so
`t = (19)/(12) = 1.5833`

She paid an interest of php 450. How much money did she borrow​

This is P when
`E = 450`. So

`E = P*I*t`

`450 = P*0.06*1.5833`

`P = (450)/(0.06*1.5833)`

`P = 4737`

She borrowed php4737.00.