Asked by kelvin

If I will be given a loan of sh. 500000 and required to pay a monthly interest of 5%. How much will I pay after 8 months?

#Please i need your help guyz#
Answered by Henry
Do you mean 5%/yr.? If so:

P = Po + Po*r*t.

P = 500,000 + 500,000*(0.05/12)*8 =

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