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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?

 Oct 12, 2021
 #1
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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.

 Oct 12, 2021

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