Simple interest

Blake corey

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Feb 9, 2020
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How long will it take Php18450 to earn Php1340 if the interest rate is 6%


Is the t= I/pr formula needed for this to compute for how long the intetest rate?
 

Subhotosh Khan

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How long will it take Php18450 to earn Php1340 if the interest rate is 6%


Is the

t = I / (p*r)

formula needed for this to compute for how long the interest rate?
Yes....
 

HallsofIvy

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Jan 27, 2012
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5,641
Do you understand that learning mathematics is NOT just memorizing formulas, it is thinking?

If the interest rate is 6%= 0.06, in one year amount A will earn 0.06A interest. In n years, it will earn 0.06An interest. Here, A= Php18450 and the interest is Php1340 so 0.06(18450)n= 1340.

0.06(18450)= 1107 so 1107n= 1340. Since n is multiplied by 1107 to get n by itself you need to divide both sides by 1107.
 
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