Question

Mike took a loan of $20,000 from a bank on 4 February 2009 at the rate of 8% p.a and paid back the same on 6th July 2009. Find the total amount paid by Mike

A. N20,666.30
B. N21,777.40
C. N22,888.50
D. N24,999.60
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Answer 1

its B! N21,777,40 because 8% p.a and paid back the same on 6th july 2009. so the total amount paid by Mike should be N21,777,40