number. 1. Determine the simple interest that Pia Catriona needed to pay if she borrowed Php2, 345 at 3 1/5 % for 10 months. B. Php67.25 A. Php26.35 C. Php62.53 D. 65.32
Answer (1)
Answer:To determine the simple interest, we use the formula:\text{Simple Interest} = \frac{P \times R \times T}{100}Where: is the principal amount (Php 2,345), is the rate of interest (3 1/5% or 3.2%), is the time in years (10 months = years).Now, let's compute the interest.\text{Simple Interest} = \frac{2,345 \times 3.2 \times \frac{10}{12}}{100}\text{Simple Interest} = \frac{2,345 \times 3.2 \times 0.8333}{100}\text{Simple Interest} \approx \frac{6,242.72}{100} = 62.43Thus, the simple interest Pia needs to pay is approximately Php 62.43.The closest answer is C. Php 62.53.
