SOLUTION: Margo borrows P2000, agreeing to pay it back with 2% annual interest after 15 months. How much interest will she pay?

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Question 1181817: Margo borrows P2000, agreeing to pay it back with 2% annual interest after 15 months. How much interest will she pay?
Answer by ikleyn(52831) About Me  (Show Source):
You can put this solution on YOUR website!
.

15 months = 12 months + 3 months = 1 year and 3 months = 1 1%2F4  years = 1.25 years.


Therefore, the interest after 15 months is = 2000 * 0.02 * 1.25 = 20 * 2 * 1.25 = 20* 2.50 = 50 monetary units.    ANSWER

Solved.