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A Contractor charges an Engineer Php. 2,750.00 on a loan of Php. 15,800.00 for 2 years and 3 months. What simple interest rate is he using?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. A Contractor charges an Engineer Php. 2,750.00 on a loan of Php. 15,800.00 for 2 years and 3
months. What simple interest rate is he using?
2. In what time will Php. 875.00 double itself at the rate of 7% simple interest?
3. Three months after borrowing money, David Tan pays on the interest of Php. 270.00. how much did he
borrow if the simple interest rate is 5 ½ %

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