Question

AJ borrowed Php 4,000 for 5 years at 6% simple interest rate. How much interest did he pay?

Answer 1

Answer:

Interest paid = Php 1200

Step-by-step explanation:

$i \: = \frac{prt}{100}$

where i = interest, p = 4000, r = 6%, t = 5.

$i = \frac{4000 \times 6 \times 5}{100} = 40 \times 30 = 1200$

Interest paid = Php 1200