What is the simple interest on ₱50,000 at 6% per year for 3 years?
Correct answer: C. ₱9,000
Simple interest = principal × rate × time = ₱50,000 × 0.06 × 3 = ₱9,000. The interest is ₱3,000 each year, for three years.
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Answer and explanation
The correct answer is C. ₱9,000
Simple interest = principal × rate × time = ₱50,000 × 0.06 × 3 = ₱9,000. The interest is ₱3,000 each year, for three years.
Topic: Numerical Word Problems MCQs · Subject: Numerical Ability