1. A bank offers 1.5% annual simple interest rate for a particular deposit. How much
1 answer:
Answer: 15000 pesos
Explanation:
Simple interest is to interest that one earns when one keeps money in a bank for a certain period. It is calculated as:
= PRT
where p = 1 million pesos
R = 1.5%
R = 1 year.
Interest = PRT
= 1,000,000 × 1.5% × 1
= 1,000,000 × 0.015 × 1
= 15,000 pesos
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