The total accumulated ordinary simple interest on a principal is P30,360 at a simple interest rate of 11.10%. If the principal worth P547,027.027 was paid on March 11, 2020. When did the principal borrowed? How much is the exact simple interest?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 36P
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The total accumulated ordinary simple interest on a principal is P30,360 at a simple interest rate of 11.10%. If the principal worth P547,027.027 was paid on March 11, 2020.

  1. When did the principal borrowed?
  2. How much is the exact simple interest?
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