5. The repayment on a loan was P13,670. If the loan was 15 months at 12% simple interest per annum, how much was the principal? (Round off your final answer to two decimal places.) Your answer

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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5. The repayment on a loan was P13,670. If the loan was 15 months at 12%
simple interest per annum, how much was the principal? (Round off your final
answer to two decimal places.)
Your answer
Transcribed Image Text:5. The repayment on a loan was P13,670. If the loan was 15 months at 12% simple interest per annum, how much was the principal? (Round off your final answer to two decimal places.) Your answer
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