SOLUTION: A sum of PhP50,000 is invested from February 7 until September 30 of the same year at 13% simple interest. How much is the exact interest using approximate number of days?
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Question 1189452: A sum of PhP50,000 is invested from February 7 until September 30 of the same year at 13% simple interest. How much is the exact interest using approximate number of days? Answer by ikleyn(52788) (Show Source):
Go to web-site
https://www.timeanddate.com/date/durationresult.html?m1=2&d1=7&y1=2001&m2=9&d2=30&y2=2001&ti=on
Find online calculator there to determine the number of days between two dates.
In your case the number of days is 236.
Next, use the formula for simple interest
I = A*r*t = = 4202.74. 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.
