SOLUTION: Juan earned Php96.00 on a Php1200 deposit at 2% interest rate. For how long was the money deposited?

Question 1180861: Juan earned Php96.00 on a Php1200 deposit at 2% interest rate. For how long was the money deposited?
Answer by ikleyn(52797) (Show Source): You can put this solution on YOUR website!
.


The simple interest formula is  I = P*r*t,


where P is the principal (1200),  r is the percentage rate expressed as a decimal  (0.02) and t is the time (in years).


So, you have this equation


    96.00 = 1200*0.02*t.


From this equation, you find  t =  =  = 4  years.     ANSWER

Solved.

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To see many other similar (and different) solved problems on simple interest accounts, look into the lesson
- Simple interest percentage problems
in this site.

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