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**2. Car Loan Problem**  
Your father obtained a car loan of ₱800,000, payable in 5 years, with an annual interest rate of 15%.

- **Formula for Simple Interest**:  
  \( \text{Interest} = P \times r \times t \), where:
  - \( P = 800,000 \) (loan principal)
  - \( r = 15\% = 0.15 \) (annual interest rate)
  - \( t = 5 \) years (loan term)

  Interest = \( 800,000 \times 0.15 \times 5 = 600,000 \)

  - **Total Amount to Pay (Principal + Interest)**:  
  \( 800,000 + 600,000 = 1,400,000 \)

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**3. Sister's Savings Account**  
Your sister placed her graduation gift in a savings account with 2% interest for 8 months and expects to get ₱25,000.

- Since she expects ₱25,000 after 8 months, let's find the initial deposit:
  - Let the initial amount be \( P \).
  - The interest for 8 months = \( P \times \frac{2\%}{12} \times 8 = P \times 0.01333 \)
  - Final amount \( P + P \times 0.01333 = 25,000 \)

  Solving:  
  \( P(1.01333) = 25,000 \)  
  \( P = \frac{25,000}{1.01333} \approx 24,673.14 \)

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**4. Brother’s Loan**  
Your brother borrowed ₱7,000 for 3 years with 11% interest.

- **Simple Interest** = \( P \times r \times t \)  
  \( 7,000 \times 0.11 \times 3 = 2,310 \)

  - **Total Amount Payable**:  
  \( 7,000 + 2,310 = 9,310 \)

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**5. Time Deposit Problem**  
You deposited savings in a time deposit account with a 1.5% annual rate. It will mature in 6 months, and you expect to receive ₱5,000.

- Let the initial deposit be \( P \).
- The interest for 6 months = \( P \times \frac{1.5\%}{12} \times 6 = P \times 0.0075 \)
- Final amount \( P + P \times 0.0075 = 5,000 \)

  Solving:  
  \( P(1.0075) = 5,000 \)  
  \( P = \frac{5,000}{1.0075} \approx 4,962.81 \)

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Do you have any questions or want further details on any of the problems? Here are some related questions for practice:

1. How would the total payable change if the loan in problem 2 was for 10 years instead of 5?
2. What would be the effect of compounding monthly interest instead of annual in problem 2?
3. How much interest will your sister earn if she saves for 12 months at 2%?
4. If your brother wanted to repay the loan earlier, say in 2 years, how much would he owe?
5. How much would you receive in problem 5 if the interest rate was increased to 2%?

**Tip:** Always check whether interest is simple or compounded—it can significantly affect your final amount!

Your father obtained a car loan payable in a lump sum for five years at a total amount of ₱800,000 with an annual rate of 15%. Your sister placed her graduation gifts in a special savings account that provides an interest of 2% for eight months. Your brother borrowed from your neighbor to buy a new mobile phone. The neighbor charged 11% for the borrowed amount payable after three years at a total amount of ₱7,000. You deposited your savings from your daily allowance in a time deposit account with your savings bank at a rate of 1.5% per annum. This will mature in six months and you expect to get ₱5,000 at the end of the term.

Explore how to calculate simple interest for loans and savings. Analyze a car loan of ₱800,000 with a 15% annual rate, a savings account with 2% interest, and more. Perfect for Grades 10-12 math students looking to master financial math concepts.

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