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John a retired person,runs his house by the interest earned on the money deposited by him in a bank.If he deposited rs.5,00,000 at 12% p.a ,find his monthly interest earned.

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rvkacademic

Answer:

₹ 5000

Step-by-step explanation:

Assuming the deposit earns simple interest, we can calculate the monthly interest by dividing the annual interest rate by 12 to get the monthly interest rate

Monthly interest rate = 12%/12 = 1 %

Monthly interest = 500,000 x 1% = 500,000 x 1/100 =  ₹ 5000

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