Trusted by Students Everywhere
Why Choose Us?
0% AI Guarantee
Human-written only.
24/7 Support
Anytime, anywhere.
Plagiarism Free
100% Original.
Expert Tutors
Masters & PhDs.
100% Confidential
Your privacy matters.
On-Time Delivery
Never miss a deadline.
The maturity value of a 15-month loan of PHP21, 000
The maturity value of a 15-month loan of PHP21, 000.00 is PHP22, 904.00. What is the simple interest rate?
Expert Solution
Computation of Simple Interest Rate:
Interest = Maturity Value - Principal
= 22,904 - 21,000
Interest = 1,904
Interest = Principal*Rate*Time
1,904 = 21,000*Rate*15 / 12
1,904 = 26,250*Rate
Rate = 1,904/26,250
Rate = 7.25%
Archived Solution
Unlocked Solution
You have full access to this solution. To save a copy with all formatting and attachments, use the button below.
Already a member? Sign In
Important Note:
This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.
For ready-to-submit work, please order a fresh solution below.
For ready-to-submit work, please order a fresh solution below.
Or get 100% fresh solution
Get Custom Quote
