1. A bank offers 1.5% annual simple interest rate for a particular deposit. How much
interest will be earned if 1 million pesos is deposited in this savings account for 1 year?
Solution:
Given:r=1.5% or 0.015; P=P1,000,000.00 ; t= 1 year
Is = Prt
Is = P1,000,000.00 (0.015)(1)
1. = P15,000.00
Therefore, an interest amounting to P15,000.00 will be earned if I million pesos is
deposited in a savings account for 1 year with 1.5% annual simple interest rate.
Patulong po please
interest will be earned if 1 million pesos is deposited in this savings account for 1 year?
Solution:
Given:r=1.5% or 0.015; P=P1,000,000.00 ; t= 1 year
Is = Prt
Is = P1,000,000.00 (0.015)(1)
1. = P15,000.00
Therefore, an interest amounting to P15,000.00 will be earned if I million pesos is
deposited in a savings account for 1 year with 1.5% annual simple interest rate.
Patulong po please
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Answers & Comments
Answer:
I = P15,000
Step-by-step explanation:
Tanswer is already correct.
A = P [1 + r t]
A = 1,000,000 [1 + 0.015(1)]
A = 1,000,000 + 15,000
A = 1,015,000
But we only want the interest which is P15,000