Question

Mr. Perez deposited 10,000 pesos at a simple interest rate of 2% anually at the end of 3 years, what is the total interest earned?

help me with this one please ...

Answer 1

*annually

Answer 2

just use the formula for simple interest.... I = P x r x t....

Answer 3

where P is the principal amount,
r is the rate of interest,
t is the time involve...

Answer 4

What is your principal amount in your problem? The amount of money being deposited?

Answer 5

2% annually means what?

Answer 6

10,000 pesos ..

Answer 7

2% means rate of interest right .. ?

Answer 8

3 years is the time involve ...

Answer 9

that's correct your P = 10,000....

Answer 10

yes 2% annually is your interest rate...

Answer 11

so can you show me how to solve it ? please ?

Answer 12

3 years is the time, your correct on that...

Answer 13

just plug-in all the given in the formula for interest I...

Answer 14

... you can solve it....

Answer 15

thank very much .. i already solve it and i got the answer of 600. :D

Answer 16

no problem... :)

Answer 17

wait .. @Orion1213 .. do you know how to multiply the 2% to 10,000 ?

Answer 18

percent means per 100...

Answer 19

then you just multiply ... 10,000 to 200 ? coz the percent in the given is 2 ?

Answer 20

2% means 2 per 100 or 2/100 = 0.02...

Answer 21

ahhh i got it .. thanks for helping me :D

Answer 22

be sure that rate r and time t must be of same time unit... such as "annually" means a year, and your time t must also be in year(s) also...

Answer 23

if you solve it, what's the result of your answer ?

Answer 24

... of course, same as yours... :)

Answer 25

600 ?

Answer 26

yup... :)

Answer 27

thanks :D