Question

Gene bought a living room suite for P85,000. He agreed to pay in 5 months at 12% simple interest rate. How much will he pay for the furniture?

Answer 1

Given the cost of the room 85000.

Rate of interest 12%

time =5 months=5/12 year

IN 5 months he will pay as interest

`85000*(12)/(100)*(5)/(12)=4250`

In total, he will pay

`85000+4250=89250`