Mra Smith depoeited Php 24050000 in an account that gives 3% simple annual interest. How much is in the acocunt after five yoars? Mr. Reyes borrowed Php 25000000 from a bank that charges 4% per annum. How much should he pay after three years?

<p> <br />Both these questions deal with problems around the concept of Simple Interest.<br /><br />1. The first referenced question asks to find the total amount in the account after 5 years. The basic formula to calculate Simple Interest is: I = Prt, where 'P' is Principal amount, 'r' is the rate of interest and 't' is the time. In this case, different components are P=Php 24050000, r=3% and t=5 years. After getting the amount of Simple Interest, we need to add it to the Principal amount to calculate the total amount in the account: P + I.<br /><br />2. The second question states that Mr. Reyes borrowed money from a bank and has to return the amount with annual interest of 4% after 3 years. Again, we use the formula of Simple Interest, where P = Php 25000000, r=4% and t=3 years. He will have to pay back the Principal amount in addition to the Interest calculated : P + I. <br /> </p>