In the given problem, apply your knowledge in algebraic expression specially in finance specifically in calculation of interest
Given:
investment of Php 30,000.00
earn Php 112.50
1.5% simple interest rate
Solution:
The formula for compound interest is A = P (1 + rt), where
A is the total money
P is the principal amount,
r is the interest rate in decimal
t is the time period in years
Solve for t (no. if year)
A = P (1 + rt)
30000 + 112.50 = 30000(1+0.015(t))
30112.5 = 30000(1+0.015t)
30112.5 = 30000 + 450t
112.5 = 450t
t = 112.5/450
t = 0.25 year
Convert to Months
0.25 year × 12 months/1 year
= 3 months
Answer: 3 months
Learn more about interest here at https://brainly.ph/question/8530478
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