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?
118
likes589 views
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?
Nash
4.987 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
Frequently asked questions (FAQs)
What is the length of the side opposite a 32° angle in a triangle with a side of length 12 and an included angle of 105°?
+
What is the value of (2^4 * 3^3) / (2^2 * 3^2)?
+
What is the value of sinh(4) - cosh(5) + tanh(2)?
+
New questions in Mathematics