Question

Find the simple interest on a loan of ₱65,000.00 if the loan is given at a rate of 2% and is

due in 5 years and 3 months?​

Answer 1

6,825

Explanation:

The principlal is #65,000

Rate, = 2%

= 2/100

= 0.02

Time= 5+0.25

= 5.25

Simple interest= 65,000×0.02×5.25

= 6,825