Answered

Mrs. Simon applied a loan of P50,000 at a yearly interest of 10%. If she paid back the credit union of P65,000, what is the time period of her loan?

Sagot :

First, we need to find the the Percentage. 
50 000 × .10 (10%) = 5 000

Then...
65 000 - 50 000 = 15 000

Then...
15 000 ÷ 5 000 = 3


Therefore, the answer to your question is 3 years. 
Simple Interest Formula:
Interest = Principal x Rate x Time
I = P × R × T

Given:
Interest = Gross Amount Paid - Principal Loan
             = 65,000 - 50,000
             = 15,000

Principal = 50,000
Rate = 10%  or  0.10
Time = ?

Equation:
I = P × R × T

15,000 = (50,000) (0.10) (T)

15,000 = 5,000 (T)

[tex] \frac{15,000}{5,000} = \frac{5,000(T)}{5,000} [/tex]

T = 3

The loan has a period of 3 years.