Femi will pay back the loan amount plus the interest accrued over the year.
Interest = Loan amount * Interest rate = 500,000 * 20% = 100,000
Amount to be paid back = Loan amount + Interest = 500,000 + 100,000 = 600,000
Therefore, Femi will pay back 600,000 at the end of the year.
Femi collected a loan of 500,000 at an interest rate of 20% per annum. What amount will he pay back at the end of the year
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