What is the simple interest on ₱15,000 at 6% per year for 3 years?
Correct answer: B. ₱2,700
Simple interest = principal × rate × time = ₱15,000 × 0.06 × 3 = ₱2,700. One year of interest is ₱900, and three years give three times that.
easy
Answer and explanation
The correct answer is B. ₱2,700
Simple interest = principal × rate × time = ₱15,000 × 0.06 × 3 = ₱2,700. One year of interest is ₱900, and three years give three times that.
Topic: Percentage and Interest Problems MCQs · Subject: Numerical Ability