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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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87 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 is

I = 7,140,000

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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?

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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