Question
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A man borrowed sh. 40,000 from NMB bank which charges an interest rate of 12% for 3 years. How much will a man pay after 3 years?
A man borrowed sh. 40,000 from NMB bank which charges an interest rate of 12% for 3 years. How much will a man pay after 3 years?
Answers
Steve
3 years of interest will be 36%
so, he pays back 40000*1.36
so, he pays back 40000*1.36