Question

Julia takes out a loan to buy a new car. She borrows £8000 over 5 years at a simple interest rate of 10%.

Answer 1

Answer:

Julia will pay £4000 as interest.

Step-by-step explanation:

As per given question we have provided that :

• ➣ Principal = £8000
• ➣ Time = 5 years
• ➣ Rate = 10%

Here's the required formula to find the Principal :

${\longrightarrow{\pmb{\tt{I= \dfrac{PRT}{100}}}}}$

• ↝ I = Interest
• ↝ P = Principal
• ↝ R = Rate
• ↝ T = Time

Substituting all the given values in the formula to find the Principal :

${\implies{\sf{Interest= \dfrac{PRT}{100}}}}$

${\implies{\sf{Interest= \dfrac{P \times R \times T}{100}}}}$

${\implies{\sf{Interest= \dfrac{8000 \times 10 \times 5}{100}}}}$

${\implies{\sf{Interest= \dfrac{80 \cancel{00} \times 10 \times 5}{1 \cancel{00}}}}}$

${\implies{\sf{Interest= 80 \times 10 \times 5}}}$

${\implies{\sf{Interest= 800 \times 5}}}$

${\implies{\sf{\underline{\underline{Interest = 4000}}}}}$

Hence, the interest is £4000.

$\rule{300}{2.5}$

Answer 2

Answer:

here,

principle(p)=£8000

time(t)=5 years

rate(r)=10%

now,

Interest=PTR/100

         =8000 x 5 x 10/100

        =£4000

Step-by-step explanation: