SOLUTION: You wish to borrow P18,000 to buy a new gadget. Rate is 8.6% over five years how much is the total interest payment that you will pay for this debt?

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Question 1207306: You wish to borrow P18,000 to buy a new gadget. Rate is 8.6% over five years how much is the total interest payment that you will pay for this debt?
Found 2 solutions by mananth, ikleyn:
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Taking Simple interest into the account
SI =P * n * r
P= 18000
n=5 years
r = 8.6 % or 0.086
S I = 18000*5*0.086
Interest = P 7740.00

Answer by ikleyn(52770) About Me  (Show Source):
You can put this solution on YOUR website!
.

How the problem is worded in the post, its formulation is illiterate
from both mathematical and finance point of view.

This composition is professionally unsuitable for any purpose.