Question

Antony borrowed 20,000,000 for 7 years his interest rate is 5% how much interest will he pay in all

Answer 1

Answer:

27,000,00

Step-by-step explanation:

The Interest rate is 5% and the borrowed money is $20m. You have to multiply $20m by 5%, which gives you 1m. Then for each year, you must add the $1m to the overall money($20m), meaning you have to add $1m dollars to $20m for 7 years. After the 7 years, there are $7m for interest, and in addition to that, you must add it to $20m. Therefore, overall, Antony would have to pay $27m after 7 years.

Answer 2

Answer:

7,000,000

Step-by-step explanation:

$Principal = 20,000,000\\Time =7\:years\\Rate = 5\%\\Simple\:interest =?\\\\Simple\:interest = \frac{Principal\times Rate\times Time}{100} \\\\S.I= \frac{20000000\times 5 \times 7}{100} \\\\S.I==\frac{700000000}{100}\\\\Simple\: interest=7000000$