SOLUTION: On March 20,2011, Ellen borrowed Php 36500 from Elmer.She promised to pay the principal and 11.75% simple interest on November 15,2011.How much will Elmer receive on the said date?
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Question 1149443: On March 20,2011, Ellen borrowed Php 36500 from Elmer.She promised to pay the principal and 11.75% simple interest on November 15,2011.How much will Elmer receive on the said date?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Time is almost 8 months but 240/360 days which is 2/3 of a year (banker's)
so interest=prt=36500*0.1175*2/3=2859.17
that is the interest which is added to the original principal to pay Php 39359.15.
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