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

Algebra ->  Rate-of-work-word-problems -> SOLUTION: Juan earned Php96.00 on a Php1200 deposit at 2% interest rate. For how long was the money deposited?      Log On


   

Question 1180862: Juan earned Php96.00 on a Php1200 deposit at 2% interest rate. For how long was the money deposited?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!

Assuming simple interest 2%
interest = 96
Principal = 1200
interest = P * t * r
96= 1200 *.02*t
t=4 years