Monica

Monica left Php.900 to Bianca. When Monica asked for it after six months, Bianca decided to give Php.945 instead because she could use the money. What was the interest rate on Monica's money used by Bianca?

Correct answer:

p =  10 %

Step-by-step explanation:

$$\begin{gathered} p_1=100\cdot \frac{945-900}{900}=5\% \\ p=\frac{12}{6}\cdot p_1=\frac{12}{6}\cdot 5=\frac{12\cdot 5}{6}=\frac{60}{6}=10\% \end{gathered}$$

Try another example