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A bank offers 0.25% annual simple interest rate for a particular deposit.how much interest will be earned if 1million pesos is deposited in

A bank offers 0.25% annual simple interest rate for a particular deposit.how much interest will be earned if 1million pesos is deposited in this saving account for 1 years

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Guest [Entry]

"Given: principal,p=1million, rate,r= 0.25% or 0.0025,and time,t= 1 year

Solution: I =prt =1,000,000(.0025)(1) =2,500 answer:2,500"