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

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Laura deposits Php 10 000 at 6% annual interest. How much interest will it gain in 3 years and 9 months?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

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(52812) About Me  (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 9%2F12 = 3 3%2F4 = 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.