1. Accumulate 12,000 Pesos at 3 ½ % simple interest for 9 months. 2. An interest of 853.12 Pesos was paid on 7,500Pesos simple interest loan at the end of 1 yrar and 9 months. What was the rate of interest?
1. Accumulate 12,000 Pesos at 3 ½ % simple interest for 9 months. 2. An interest of 853.12 Pesos was paid on 7,500Pesos simple interest loan at the end of 1 yrar and 9 months. What was the rate of interest?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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1. Accumulate 12,000 Pesos at 3 ½ % simple interest for 9 months.
2. An interest of 853.12 Pesos was paid on 7,500Pesos simple interest loan at the end of 1 yrar and 9 months. What was the rate of interest?
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