1. **State the problem:** Calculate the interest on 5,000 pesos over 6 years at an interest rate of 2% per year. 2. **Formula used:** The simple interest formula is $$I = P \times r \times t$$ where: - $I$ is the interest - $P$ is the principal amount - $r$ is the annual interest rate (in decimal) - $t$ is the time in years 3. **Convert the interest rate:** 2% = 0.02 4. **Substitute the values:** $$I = 5000 \times 0.02 \times 6$$ 5. **Calculate:** $$I = 5000 \times 0.12$$ 6. **Final interest:** $$I = 600$$ **Answer:** The interest earned is 600 pesos.