Question

Nora’s saving club changes an interest of 5.5% per annum on any amount borrowed by its members.If a members borrow $125000.00 how much does he pay often 1year

Answer 1

well, the charge for a year is just 5.5% of the amount so 5.5% of 125000

`\begin{array} \cline{1-1} \textit{\textit{\LARGE a}\% of \textit{\LARGE b}}\\ \cline{1-1} \\ \left( \cfrac{\textit{\LARGE a}}{100} \right)\cdot \textit{\LARGE b} \\\\ \cline{1-1} \end{array}~\hspace{5em}\stackrel{\textit{5.5\% of 125000}}{\left( \cfrac{5.5}{100} \right)125000}\implies \text{\LARGE 6875}`