1. A bank offers 1.5% annual simple interest rate for a particular deposit. How much interest will be earned if 1 million pesos is deposited in this savings account for 1 year? 2. When invested at an annual interest rate of 7%, the amount earned ₱11,200.00 of simple interest in 2.5 years. How much money was originally invested?
1. A bank offers 1.5% annual simple interest rate for a particular deposit. How much interest will be earned if 1 million pesos is deposited in this savings account for 1 year?
2. When invested at an annual interest rate of 7%, the amount earned ₱11,200.00 of simple interest in 2.5 years. How much money was originally invested?
3. Joseph borrows ₱50,000.00 and promise to pay the principal and interest at 12% compounded monthly. How much must he repay after 6 years?
4. A loan ₱125,000.00 at 8% compounded quarterly was paid back with an amount of ₱176,000.00 at the end of the period. For how long was the money borrowed?
5. How much must be invested today in a savings account in order to have ₱50,800.00 in 6 years and 9 months if money earns 5.4% compounded semi-annually?
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