Question 1190427
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Robert has P2,000 savings bond which will mature in 10 months. 
How much can he borrow today at a bank which charges 5½% simple interest 
so that the maturity value of the bond will liquidate the loan?
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<pre>
    2000 = {{{X*(1+0.055*(10/12))}}}


    12*2000 = X*(12+0.055*10)


    X = {{{(12*2000)/(12+0.55)}}} = {{{(12*2000)/12.55}}} = 1912.35 pesos.    <U>ANSWER</U>
</pre>

Solved.


All formulas in my post are SELF-EXPLANATORY.