Question
Amina borrowed #50,000 at the rate of 15% per anum. She returned #40000 at the end of fourth year.After 3 years, she repaid the whole debt. Find the total amount of the interest paid by her?
Answers
oobleck
50K * 0.15 * 4 = 30K
so, the 40K she paid included 30K of interest, leaving 40K still to pay
40K * 0.15 * 3 = 18K more interest
she should have avoided the loan shark.
so, the 40K she paid included 30K of interest, leaving 40K still to pay
40K * 0.15 * 3 = 18K more interest
she should have avoided the loan shark.