Answer:
The amount of interest, he payed is 30 Ghana Cedis
Step-by-step explanation:
The amount Kwame borrowed from the finance company, P = 300 Ghana Cedis
The amount he repaid in each installment, M = 55 Ghana Cedis
The number of installments with which he repaid the loan, n = 6 installments
The amount of interest, "i", he payed, is given by the following formula;
The amount of interest, he payed, i = M × n - P
Therefore, i = 55 × 6 - 300 = 30
The amount of interest, he payed = i = 30 Ghana Cedis.
