Emilio borrows Php 1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?

To calculate the total amount Emilio has to pay back, we first need to calculate the interest he owes.

Step 1: Calculate the interest The formula for simple interest is I = PRT, where:

• I is the interest
• P is the principal amount (the initial amount of money)
• R is the rate of interest per period
• T is the time the money is borrowed for

In this case, P = Php 1200, R = 8/100 = 0.08 (we divide by 100 to convert the percentage into a decimal), and T = 2 years.

So, I = PRT = 1200 * 0.08 * 2 = Php 192.

Step 2: Calculate the total amount to be paid back The total amount to be paid back is the sum of the principal amount and the interest. So, the total amount = P + I = Php 1200 + Php 192 = Php 1392.

So, Emilio will have to pay back a total of Php 1392 in 2 years.