Question

General MathematicsProblem:Gene bought a living room suite for ₱85,000. He agreed to pay in 5 months at 12% simple interest rate. How much will he pay for the furniture?

Answer 1

`\text{Total}=89,284`

Explanation:

Simple interest is represented as:

`\begin{gathered} I=Prt \\ where, \\ I=\text{ interest } \\ P=\text{ principal} \\ r=\text{ interest rate } \\ t=\text{ time (years)} \end{gathered}`

Then, the interest for a living room suite of 85,000 at a 12% simple interest.

`\begin{gathered} I=85000\cdot0.12\cdot\text{0}.42 \\ I=4,284 \end{gathered}`

Hence, he will pay for the furniture at the original price plus interest:

`\begin{gathered} \text{Total}=\text{ 85,000+4,284} \\ \text{Total}=89,284 \end{gathered}`