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

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Question 1180861: Juan earned Php96.00 on a Php1200 deposit at 2% interest rate. For how long was the money deposited?
Answer by ikleyn(52794) About Me  (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 = 96%2F%281200%2A0.02%29 = 96%2F24 = 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.