Question

A man borrowed a sum of money from bank at an interest rate of 12%. After 1 year he paid

GHC896,000 to settle the loan and the interest. How much did he borrow from the bank?​

Answer 1

To find the amount borrowed, subtract the interest paid from the total amount settled using the equation x - 0.12x = GHC896,000. The amount borrowed is GHC1,018,181.81.

Step-by-step explanation:

To find the amount borrowed, we need to subtract the interest paid from the total amount settled. Since the interest rate is 12%, the interest paid can be calculated by multiplying the amount borrowed by 0.12. Let x be the amount borrowed. Based on the given information, we have the equation:

x - 0.12x = GHC896,000

Simplifying the equation, we get:

0.88x = GHC896,000

Dividing both sides of the equation by 0.88, we find that the amount borrowed is GHC1,018,181.81.

Answer 2

788 480 is what he borrowed