Find the exact simple interest on a principal of P40, 000.00 for 2 years and 4 months at 10.2%.,

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Find the exact simple interest on a principal of P40, 000.00 for 2 years and 4 months at 10.2%.



Answer:

₱9520.00

Step-by-step explanation:

To find the simple interest on a certain principal, we need its amount, its term duration, and the interest rate.

We will use them according to this formula:

In this problem, the given values are P = ₱40000, r = 10.2% or 0.102, and t = 2.333…

We need to substitute these and evaluate.

The following series of equations will display and explain the full solution to solve for the exact simple interest.

I = 40000(0.102)(2.333...)

I = (4080)(2.333...)

I = 9520

Thus, the exact simple interest on the given principal is ₱9520.00.

Hope this helps!

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