ANSWER :

A cooperative Bank offers 0.50% of annual simple rate for a savings account. How much interest will be earned if Php500,000 pesos is deposited for 2 years?

SOLUTION:

GIVEN : , (always express into decimal form),

Find I ;

Step-by-step explanation:

Definition : Simple interest;

• The simple interest I or L is an amount paid for the use of money

Annual simple interest formula : I = Prt

Where, I - simple interest, P - principal money, r - rate, t- term/time, in years.

Under the simple interest, the amount borrowed is called principal. The rate of interest is the percentage of principal payable per period of time.

#CarryOnLearning