Tag Archives: Time

Simple Interest


1. Determining the Interest and the Amount

The formula for determining interest is given as:
I = Prt, where
I = interest
P = principal or the borrowed amount
r = interest rate
t = time or the duration of the loan/investment

Example 1:
Mr. Paulo Roque borrowed Php2,600 from Mr. X at an interest rate of 5%, what is the interest in 3 years? How much should Mr. Paulo Roque pay at the end of 3 years?

SOLUTION:

Given:
P = Php2,600
r = 5% or 0.05 (per year)
t= 3 years
I = ?

I = Prt
I = (2,600)(0.05)(3)
I = (2,600)(0.15)
I = Php390

Then, to find the total amount to be paid at the end of 3 years, the formula for computing it is

A = P + I, where
A = sum or total amount to be paid
P = principal
I = interest

Thus,
A = P + I
A = Php2,600 + Php390
A = Php2,990

Example 2:
How much interest will be charged if Dominic Daez borrows Php15,000 for 2 years at interest rate of 9%?

SOLUTION:

Given:
P = Php15,000
r = 9% or 0.09 (per year)
t = 2 years
I = ?

I = Prt
I = (15,000)(0.09)(2)
I = (15,000)(0.18)
I = Php2,700

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Time


As we live in this world where time seems to change so fast, I hope we have realized how important our time is. Time is really precious. As what the saying says “time is gold”. And so, we should not waste our time even a single minute. We need to used it fruitfully and wisely if we don’t want to end up regretting for just letting it passingly passed.
At this moment, I’m still one of the fresh graduates who don’t have job yet and just staying here in our home town with the simplicity of life as a “tambay” because of some constraints. I know that this time given to me now can’t be back again once it passed by and this idea is driving me to let myself be productive even with this status quo of mine. For me, choosing to be a dreamy blogger is probably one of the things that I could do for good; the thing that I could do now and the thing that I need to do now. After all, spending my time in blogging my random thoughts is truly worth having. Through this way, I’ve shared this time of my life positively and treasurably. This time of my life is not the end. I would not just stop here — as a “tambay”; and I would not waste this time so that I could fulfill something great tomorrow. I will start it now; by living with a meaningful time of my life.
As I finally rest my case (hoping I haven’t ended my case so short :p), I’m truly hoping that this blog post would serve as an eye opener to those people who are just wasting the priceless time of their lives like those people who let narcotics be their God, to those people who have lost their hope and purpose, and to those people who just work and work without enjoying each days of their lives.
We are not perfect but we should always remember that we only have one life. We should not destroy it. We should not waste it same as not wasting any of our time. We choose. We decide!