Question

amy borrowed money from the lending company at 6% interest if she paid an interest of php450.00 after 19months how much money did she borrow​

Answer 1

Answer:

She borrowed php4737.00.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

$E = P*I*t$

In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

$T = E + P$

6% interest:

This means that $I = 0.06$

19 months:

An year has 12 months, so $t = \frac{19}{12} = 1.5833$

She paid an interest of php 450. How much money did she borrow​

This is P when $E = 450$. So

$E = P*I*t$

$450 = P*0.06*1.5833$

$P = \frac{450}{0.06*1.5833}$

$P = 4737$

She borrowed php4737.00.