If a loan of 5000 naira is given at a rate of 5% of 8 months find the amount

Question

Hanna Holland

Mathematics

25 June, 14:36

If a loan of 5000 naira is given at a rate of 5% of 8 months find the amount

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Answers (1)

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Isabella Poole · Answer 1

S=5000 (1 + (0.05) (8)).

Step-by-step explanation:

The loan is 5000, the rate is 5% and years are 8. So the amount is 7000. To find amount we use formula, S=P (1+ni). P is 5000 which is a loan. N is a number of years and i is the rate of interest. So by putting values in the formula, S=5000 (1 + (0.05) (8)).