Question

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

Answer 1

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%