SOLUTION: Margo borrows P2000, agreeing to pay it back with 2% annual interest after 15 months. How much interest will she pay?

Question 1181817: Margo borrows P2000, agreeing to pay it back with 2% annual interest after 15 months. How much interest will she pay?

Answer by ikleyn(52832) (Show Source): You can put this solution on YOUR website!
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15 months = 12 months + 3 months = 1 year and 3 months = 1   years = 1.25 years.


Therefore, the interest after 15 months is = 2000 * 0.02 * 1.25 = 20 * 2 * 1.25 = 20* 2.50 = 50 monetary units.    ANSWER

Solved.

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