To find Philip's monthly insurance contribution, we need to calculate the amount left after deducting his loan payment.
Amount left after loan payment = 3,750.00 cedis - 1,500.00 cedis = 2,250.00 cedis.
Now we need to calculate 5% of this amount to find his insurance contribution.
Insurance contribution = 5/100 * 2,250.00 cedis
Insurance contribution = 112.50 cedis.
Therefore, Philip's monthly insurance contribution is 112.50 cedis.
The monthly salary of Philip is 3,750.00 cedis,he pays a loan of 1,500.00 cedis and contributes 5% of the amount left as an insurance for his aged parent. Find his monthly insurance contribution
1 answer