Mariel borrowed money from a bank charging 11% simple interest. If she pays back the bank amounting to P60,345.23 after 5 years and 8 months , how much did she borrowed?
Let the principal amount borrowed ==P
[P x 0.11 x 5 2/3] + P ==60,345.23
[P x 0.62333333] + P ==60,345.23
1.6233333P ==60,345.23
P ==60,345.23 /1.623333 ==37,173.65 principal amount borrowed.
