SOLUTION: Three months after lending money,James received an interest payment of Php 812.50. How much did he lend if the simple interest rate is 6 ½%?

SOLUTION: Three months after lending money,James received an interest payment of Php 812.50. How much did he lend if the simple interest rate is 6 ½%?

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Question 1149444: Three months after lending money,James received an interest payment of Php 812.50. How much did he lend if the simple interest rate is 6 ½%?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
i=prt or 812.50=p*0.065*0.25, since 3 months is 1/4 year
812.50=p*0.01625
p=Php 50,000
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