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 id due at the end of the loan period?
2,000 x .2 = 400 pesos = interest per month
400 x 13 = 5,200 pesos = interest for 13 months
2,000+5,200 = 7,200 pesos = future amount at the end of the loan period.
