SOLUTION: Laura deposits Php 10 000 at 6% annual interest. How much interest will it gain in 3 years and 9 months?

Question 1176371: Laura deposits Php 10 000 at 6% annual interest. How much interest will it gain in 3 years and 9 months?
Answer by ikleyn(52813) (Show Source): You can put this solution on YOUR website!
.


Use the formula for simple interest


    I = P*r*t


where P is a principal, r is the percentage as decimasl, t is the time in years.


Substitute the given numbers into the formula  P = 10,000,  r = 0.06.  t = 3  = 3  = 3.75.


Then calculate.

Happy calculations (!)

---------------

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

Learn the subject from there.

RELATED QUESTIONS
Mariel deposits Php 50,000 in a savings account. The account pays 6% annual interest. How (answered by math_tutor2020,Theo)

Miko borrowed $ 25,000 at 10% annual simple interest rate. How much should he pay after 3 (answered by ikleyn)

Susan invests R45 000 at a simple interest rate of 6% per year. Two years later, she adds (answered by )

WORKSHEET 2 Interest Simple Interest Simple Discount Compound Interest Solve for... (answered by ikleyn)

How much interest will be paid in 2 years for a loan of Php 20 000 at an interest rate of (answered by mark_henrhiz)

At what simple interest rate will PhP 415,000 increase to PhP 500,000 in 3... (answered by mananth)

A person wishes to deposit $5,000 per year in a savings account which earns interest of 8 (answered by ikleyn)

A certain bond pays coupons of Php 5,000 every six months for: Given: Semi-annual... (answered by CPhill)

A hospital administrator deposits $10,000 into an account that earns 9% annual interest... (answered by Theo)