Question

sam takes out a loan of R 1 2000 for a year .if the rate is 12% per annum ,how much interest will he pay​

Answer 1

R 1440

Explanation:

Given:-

Principal Amount = R 12000

Time = 1 year

Rate = 12% pa

The Interest can be calculated using the following formula:-

Interest = (Principal Amount * Rate * Time) / 100

Substituting the respective values:-

Interest = (12000 * 12 * 1) / 100

Interest = 144000 / 100

Interest = R 1440

So, Sam will pay an interest of R 1440