Question

A man buys a car at 25 gh cedis.he pays 20% of the cost of his own resources and takes a loan for the remainder at 2.5% simple interest per annum.calculate the total amount the man pays for the car if he pays the loan 8 years later.

amount taken out as loan
= 25 - .2(25)
= 20 or just take .8(25) = 20

amount owing after 8 years
= 20(1.025)^8
= 24.368 gh cedis

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