If you borrow ₱1,000 from a friend and agree to pay back 10% interest in one year, how much will you need to repay?Question 6AnswerA.₱10B.₱100C.₱1,100D.₱1,010
Question
If you borrow ₱1,000 from a friend and agree to pay back 10% interest in one year, how much will you need to repay?Question 6AnswerA.₱10B.₱100C.₱1,100D.₱1,010
Solution
To calculate the total amount you need to repay, you need to calculate the interest first.
Step 1: Calculate the interest. The interest rate is 10%. So, you calculate 10% of ₱1,000.
10/100 * 1,000 = ₱100
Step 2: Add the interest to the original amount borrowed. So, you add the ₱100 interest to the original ₱1,000 borrowed.
1,000 + 100 = ₱1,100
So, you will need to repay ₱1,100. Therefore, the answer is C. ₱1,100.
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