Answered

Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

if a man got 10 Naira at the end of 6 months as interest on a loan of 375 naira,what rate of interest was charged

Sagot :

swekshyakarna738

Answer:

5.33% rate

Step-by-step explanation:

so here the principle(P) is 375 Naira

time(T) = 1/2 (half year)

Interest (I)= 10 Naira

rate (R)= ?

we have a formula

I =(PTR)/100

or, R =(I×100)/(PT) = (10×100)/(375×0.5)= 5.33%

We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.