Joanneantonettesisonviz
Answered

Mara has a deposit of ₱20,000.00 in her savings account. If the bank pays a simple interest at the rate of 2% per annum, how much interest will she receive for 12 months? *

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Msklychez0110viz

Answer:

I = ₱400.00

Step-by-step explanation:

Simple Interest Formula:

     [tex]I = Pin[/tex]

where:

I = Interest

P = Principal amount ( Initial value)

i = Interest rate

n = Number of period (in years)

Since we are given the following:

P = 20,000

i = 2% = 0.02

n = 12 months = 1 year

Substitute the given values on the formula:

[tex]I = (20,000)(0.02)(1)\\I = 400[/tex]

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