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Math

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Alma borrowed the amount of Php 120,000,00 with 3.5% annual rate of interest and it is payable in 3 years. How much will she pay for the simple interest on her loan?

Sagot :

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Answer:

12,600 PESOS

Step-by-step explanation:

PRINCIPAL = 120,000 PESOS

RATE = 3.5% OR 0.035%

TIME = 3 YEARS

120,000 PESOS × 0.035% = 4,200 PESOS

4,200 PESOS × 3 YEARS = 12,600 PESOS

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