Question

1. Mrs. Santos invested P15, 000 in a money market fund for 2 months. The yearly rate of interest was 12%. How much did the money earn? What was the amount at the end of 2 months?

Answer 1

12 months = one year
so 1% per month
she earnd 1% of 15 000 at the first month wich is 150
at the second month her money is 15 150 and its 1% is 151.50
and the amount at the end will be the money she invested and her total earnings.
so it is 15 000 + 1st month + 2nd month
15 000 + 150 + 151.50
= 15 301.50

:-)