Answered

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Clara put P15,000 savings account in January. Six months later, she put P20,000 more into the account. The interest rate is 6% per year. How much interest will be earned at the end of the year?

Sagot :

Interest rate per year = 6% or 0.06
Interest rate per month = 0.06 ÷ 12 = 0.005


Amount in savings account for first six months = 15,000
Amount in savings account for next six months
              = 15,000 + 20,000
              =  35,000

Interest that will be earned at the end of the year
= (15,000 × 0.005 x 6) + [ (20,000+15,000) × 0.005 x 6]
= (15,000 × 0.03) + (35,000 ×0.03)
= (450) + (1,050)
= 1,500

The account will earn Php 1,500 interest at the end of the year.