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Answered

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20. A trader took a loan of 1,800.00 at an interest of 12 percent per annum. It was agreed that the loan and the interest must be paid in one year equal monthly instalments.
a) Calculate
i) the interest on the loan.
ii) the amount to be paid at the end of the year.
iii) the monthly instalment.

b) Another trader took a loan at the same rate interest and conditions. If she had to pay $200.00 monthly instalment, find to the nearest cedi, how much she took.​

Sagot :

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Step-by-step explanation:

i)I=PRT/100

I=1800*12*1/100

I=$216

ii) amount to be paid =1800+216

=$2016

iii) monthly installments=2016/12

=$168

b)I=PRT/100

I=

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