Loan 4

Mr santos borrowed Php.18,000 at 1.5% interest for one year. What was the total amount he paid for the end of the 1-year term?

Correct result:

x =  18270

Solution:

a=18000 q=1+1.5100=203200=13200=1.015  x=a q=18000 1.015=18270



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