Question

If a loan of 5000 naira is given at a rate of 5% of 8 months find the amount

Answer 1

Explanation:

Answer 2

S=5000(1+(0.05)(8)).

Explanation:

The loan is 5000, the rate is 5% and years are 8. So the amount is 7000. To find amount we use formula, S=P(1+ni). P is 5000 which is a loan. N is a number of years and i is the rate of interest. So by putting values in the formula, S=5000(1+(0.05)(8)).