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Pamela invested ₱20,000 at 8% simple interest for 10 years. How much is the interest earned by Pamela in 10 years?

Solution

Pamela invested ₱20, 000 at 8% simple interest for 10 years. How much is the interest earned by Pamela in 10 years?

Solution

Interest : 16000

Solution steps

Translate the problem into an equation:

I = 20000 \cdot 0.08 \cdot 10

Simplify

I = 20000 \cdot 0.08 \cdot 10

Interest : 16000

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