Mark Lopez went to his bank to find out how long it will take for P10,000 to amount to P10,700 at 12% simple interest. Express answers in days.
12% simple interest p.a. equals
0.12/365 simple interest per day.
Principal=P10000
interest per day = P10000*0.12/365
=P3.28767 /day
Time it takes to reach P700(=P10700-P10000)
= P700/(P3.28767)
= 212.9 days rounded up to
= 213 days
To find out how long it will take for P10,000 to amount to P10,700 at 12% simple interest, we can use the formula:
Interest = Principal x Rate x Time
where:
Interest = P10,700 - P10,000 = P700
Principal = P10,000
Rate = 12% = 0.12
Now, let's solve for the time (in days). Rearranging the formula:
Time = Interest / (Principal x Rate)
Time = P700 / (P10,000 x 0.12)
= P700 / P1,200
= 0.5833...
To express the time in days, we need to convert the fractional part into days. Since there are 365 days in a year, we multiply the fractional part by 365:
Time in days = 0.5833... x 365
= 212.9167...
Therefore, it will take approximately 212.92 days for P10,000 to amount to P10,700 at 12% simple interest.
To find out how long it will take for P10,000 to amount to P10,700 at 12% simple interest, we can use the formula for simple interest:
I = P * r * t
Where:
I = interest earned
P = principal amount (starting amount), which is P10,000 in this case
r = interest rate per time period, which is 12% (0.12) in this case
t = time period
We need to solve for t, which represents the number of days it takes to reach the desired amount.
First, let's calculate the interest earned (I):
I = P * r * t
700 = 10000 * 0.12 * t
Now, we can solve for t:
700 = 1200 * t
t = 700 / 1200
t ≈ 0.58333
Since the time period is usually expressed in years, we need to convert this into days.
Since there are 365 days in a year, we can multiply t by 365:
t = 0.58333 * 365
t ≈ 212.5
Therefore, it will take approximately 212.5 days (or rounded to 213 days) for P10,000 to amount to P10,700 at 12% simple interest.