1. Sandra borrowed K20 000 for 5 years at 9% p.a. flat interest to buy a new car.
a) How much interest does Sandra have to pay on the loan?
b) How much does Sandra have to repay altogether?
c) What is Sandra's monthly repayment?
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Ответ:
a. Simple interest, S.I = K9,000
b. Total repayment = K29,000
c. Monthly repayment = K483.33
Explanation:
Given the following data;
Principal = K20,000
Interest rate = 9%
Time = 5 years
a. To find how much interest does Sandra have to pay on the loan;
Mathematically, simple interest is calculated using this formula;
Where;
S.I is simple interest. P is the principal. R is the interest rate. T is the time.Substituting into the formula, we have;
Simple interest, S.I = K9,000
b. To find how much does Sandra have to repay altogether;
Total repayment = principal + simple interest
Total repayment = 20000 + 9000
Total repayment = K29,000
c. To find Sandra's monthly repayment;
Conversion:
1 year = 12 months
5 years = 12 * 5 = 60 months
Monthly repayment = 29000/60
Monthly repayment = K483.33
Ответ:
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Explanation: