Question
How much interest will you have to pay your creditor on a loan? ₵8,000,000 for 10 and a half years, if the agreed rate is 8.5% per year and the interest is paid at the maturity of the transaction?
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Answer to a math question How much interest will you have to pay your creditor on a loan? ₵8,000,000 for 10 and a half years, if the agreed rate is 8.5% per year and the interest is paid at the maturity of the transaction?
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4.985 Answers
1. Identify the principal amount \( P \):
P = 8,000,000
2. Identify the rate of interest \( r \):
r = 8.5\% = 0.085
3. Identify the time period \( t \) in years:
t = 10.5
4. Use the simple interest formula:
I = P \times r \times t
5. Substitute the values into the formula:
I = 8,000,000 \times 0.085 \times 10.5
6. Calculate the interest \( I \):
I = 7,140,000
The amount of interest to be paid isI = 7,140,000
2. Identify the rate of interest \( r \):
3. Identify the time period \( t \) in years:
4. Use the simple interest formula:
5. Substitute the values into the formula:
6. Calculate the interest \( I \):
The amount of interest to be paid is
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