1: The given example in the image I uploaded should be the format of the solution:

EXAMPLE 1 Determine the ordinary simple interest on P700 for 8 months and 15 days if the rate of interest is 15% Given: P = 700 r = 15% = 0.15 t= 8 months and 15 days Unknown: interest (1) Solution: Convert time into number of days = 8(30) + 15 = 255 days I = Prt = 700x0.15x *= P74.38 EXAMPLE 2 Determine the exact simple interest on P50, 000 for the period from January 10 to October 28, 2020 at 16% interest. Given: P = 50,000 r = 16% = 0.16 1 = Jan. 10 to Oct. 28, 2020 Solution: January 10 - 31 = 21 (excluding January 10) February = 29 (2020 is divisible by 4 so it's a leap year) March = 31 April = 30 May = 31 June = 30 July :31 August = 31 September = 30 October 28 -28 (including Oct. 28) 292 days Exact simple interest = 50000x - x0.16 = P6382.51 EXAMPLE 3 Mr. J Dela Cruz borrowed money from a bank. He received from the bank P1340 and promised to pay P1500 at the end of 9 months. Determine the simple interest rate. Given: P = 1340 F = 1500 t= 9 months Required: simple interest rate, r Solution: F = P+1 I = F-P = 1500 - 1340 =160 I = Prt 160 13401 T = 0.1592 = 15.92% Solve: 1. Carlo borrowed P60, 000 from a lending firm. If the firm charges 10% simple interest per year, how much must Angelo's payment be after a. 18 months? b. 2 years? 2. Determine the exact and ordinary simple interest on P150,000 for the period January 22 to August 25, 2019, if the rate of simple interest is 12% per year. 3. A loan was made three years and four months ago at 10% simple interest. The principal amount of the loan has just been repaid along with P12, 000 of interest. How much was the loan