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
1 answer:
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%
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