Rhoda has a deposit of Php 5,000 in her savings account for 2 years. If the bank pays a simple interest at the rate of 6% , how much interest will she receive?
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Answer:
We know that:
P=5000 T = 2 R = 6%
Formulate and substitute:
Substitute them into formula
I=Prt
I= 5000rt
Calculate
0.06 x 5000 × 2
(0.06x5000) × x2
300 × 2
600
Answer
600
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