Find the exact interest on ₱ 15 000 at 4% simple interest for 45days. Given: P = ₱ 15 000 r = 4% = 0.04 t = 45 days
Question
Find the exact interest on ₱ 15 000 at 4% simple interest for 45days. Given: P = ₱ 15 000 r = 4% = 0.04 t = 45 days
Solution
To calculate the simple interest, we use the formula:
Interest = Principal * Rate * Time
Given: Principal (P) = ₱ 15,000 Rate (r) = 4% = 0.04 (in decimal form) Time (t) = 45 days
However, the time in the formula is usually in years. So, we need to convert 45 days into years. Since there are approximately 365 days in a year, we get:
t = 45/365 = 0.1232876712 years
Now, we can substitute P, r, and t into the formula:
Interest = P * r * t Interest = ₱ 15,000 * 0.04 * 0.1232876712 Interest = ₱ 73.97
So, the exact interest on ₱ 15,000 at 4% simple interest for 45 days is ₱ 73.97.
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