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
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.