SOLUTION: Robert has P2,000 savings bond which will mature in 10 months. How much can he borrow today at a bank which charges 5½% simple interest so that the maturity value of the bond wil

Question 1190427: Robert has P2,000 savings bond which will mature in 10 months. How much can he borrow today at a bank which charges 5½% simple interest so that the maturity value of the bond will liquidate the loan?
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
.
Robert has P2,000 savings bond which will mature in 10 months.
How much can he borrow today at a bank which charges 5½% simple interest
so that the maturity value of the bond will liquidate the loan?
~~~~~~~~~~~~~~~~~

    2000 = 


    12*2000 = X*(12+0.055*10)


    X =  =  = 1912.35 pesos.    ANSWER

Solved.

All formulas in my post are SELF-EXPLANATORY.

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