WHAT WAS THE EXACT SIMPLE INTEREST RATE USING AN APPROXIMATE TIME IF THE AMOUNT OF PHP 15,000 EARNED PHP 2000 FROM JULY 10, 2022 TO AUGUST 20, 2023?A. 10% B. 11% C. 12% D. 13%

To find the exact simple interest rate, we can use the formula:

Simple Interest = Principal * Rate * Time

Given that the principal (P) is PHP 15,000 and the interest earned (I) is PHP 2,000, we can rearrange the formula to solve for the rate (R):

Rate = Interest / (Principal * Time)

First, let's calculate the time (T) in years. The given period is from July 10, 2022, to August 20, 2023.

To calculate the time in years, we need to find the difference between the two dates and divide it by the number of days in a year.

July 10, 2022 to August 20, 2023 is approximately 1 year and 1 month.

Converting 1 month to a fraction of a year, we have 1/12.

So, the time (T) is approximately 1 + 1/12 = 13/12 years.

Now, let's substitute the values into the formula:

Rate = 2000 / (15000 * (13/12))

Simplifying the expression:

Rate = 2000 / (15000 * 13/12) Rate = 2000 / (195000/12) Rate = 2000 * (12/195000) Rate = 0.123

To convert the rate to a percentage, we multiply by 100:

Rate = 0.123 * 100 Rate = 12.3%

Therefore, the exact simple interest rate, using an approximate time, is approximately 12.3%.

The correct answer is C. 12%.