Mark Lopez went to his bank to find out how long it will take for P10,000 to amount to P10,700 at 12% simple interest. Express answers in days.

Answer 1

12% simple interest p.a. equals
0.12/365 simple interest per day.

Principal=P10000
interest per day = P10000*0.12/365
=P3.28767 /day
Time it takes to reach P700(=P10700-P10000)
= P700/(P3.28767)
= 212.9 days rounded up to
= 213 days