A loan of P 2,000 is made for a period of 13 months, from January 1 to January 31 the following year, at a simple interest rate of 20%. What future amount is due at the end of the loan period?

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Henissymabatoid Henissymabatoid

Economics

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A loan of P 2,000 is made for a period of 13 months, from January 1 to January 31 the following year, at a simple interest rate of 20%. What future amount is due at the end of the loan period?

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Анонимid Анонимid · Answer 1

Given:
20% per annum interest or 0.20 rate of interest (rate, r)
1 year and 1 month or 1 1/12 = 1.083 (time, t)
2,000 loan amount (principal or base amount, P)

A.) Compute for the future value/amount of 13 month-period
(or 1 year, 1 month):

Amount to be paid for 1 year and 1 month = P (1 + rt)
= 2,000 [1 + (0.20)(1.083)]
= 2,000 ( 1+ 0.2166)
= 2,000 (1.2166)
= 2,433.20

ANSWER: The future amount due at the end of the loan period is
Php 2,433.20.