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?

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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