How much interest is charged when P50, 000 is borrowed for 9 months at an annual interest rate of 10%?

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter9: Functions
Section9.6: Direct And Inverse Variations
Problem 39PS
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Solve the following problems.

  1. How much interest is charged when P50, 000 is borrowed for 9 months at an annual interest rate of 10%?
  2. When invested at annual interest rate of 7%, the amount earned P11,200 of simple interest in two years. How much money was originally invested?
  3. If an entrepreneur applies for a loan amounting to P500, 000 in a bank, the simple interest of which is P157,500 for 3 years, what interest rate is being charged?
  4. Find the maturity value and the compound interest if P10,000 is compounded annually at an interest rate of 2% in 5 years.
  5. Suppose your father deposited in your bank account P10,000 at an annual interest rate of 0.5% compounded yearly when you graduate from kindergarten and did not get the amount until you finish Grade 12. How much will you have in your bank account after 12 years?
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