If PHP 8,000.00 is invested at a rate of 6% per annum for 3 years, what is the simple interest earned?*1 pointPHP 1,800.00PHP 1,440.00PHP 1,080.00PHP 960.00Option 4
Question
If PHP 8,000.00 is invested at a rate of 6% per annum for 3 years, what is the simple interest earned?*1 pointPHP 1,800.00PHP 1,440.00PHP 1,080.00PHP 960.00Option 4
Solution
To calculate the simple interest, you can use the formula:
Interest = Principal x Rate x Time
where: Principal = PHP 8,000.00 Rate = 6% per annum = 0.06 (in decimal form) Time = 3 years
Substituting the values into the formula:
Interest = PHP 8,000.00 x 0.06 x 3 = PHP 1,440.00
So, the simple interest earned is PHP 1,440.00.
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