1. A man invested P20,000 in a savings bank account that earned 3% simple interest. Find the interest earned if the amount was kept in the bank for 3 years and 6 months.
2. A company borrowed P523,500 on May 13 with interest due on Sept 27,1999. If the interest rate is 10%, find the interest on the loan using (a) exact interest and (b) ordinary interest.

Instructions: State the given, required and solution.

Note: For solutionsmaintain 4 decimal places as per conference. Use2 DECIMAL PLACESfor the final answerONLY.