Find the ordinary interest on ₱ 15 000 at 4% simple interest for 45days. Given: P = ₱ 15 000 r = 4% = 0.04 t = 45 days*3 pointsPhp 75Php 90Php 120Php 87
Question
Find the ordinary interest on ₱ 15 000 at 4% simple interest for 45days. Given: P = ₱ 15 000 r = 4% = 0.04 t = 45 days*3 pointsPhp 75Php 90Php 120Php 87
Solution
To calculate the ordinary 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 = 45/365 = 0.12328767123 years (since the rate is per annum)
Substituting these values into the formula:
Interest = P * r * t Interest = 15000 * 0.04 * 0.12328767123 Interest = ₱ 73.97
So, the ordinary interest on ₱ 15,000 at 4% simple interest for 45 days is approximately ₱ 73.97. None of the options provided (₱ 75, ₱ 90, ₱ 120, ₱ 87) exactly match this result, but ₱ 75 is the closest.
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