A man took a loan of z1,200 from a co-operative bank on 12th January, 2003.
He repaid the loan on 7th June of the same year.

Question

A man took a loan of z1,200 from a co-operative bank on 12th January, 2003.
He repaid the loan on 7th June of the same year. Find the interest he had to pay for the loan
if the rate of interest is 7/2% p.a.​

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Remi 5 months 2021-07-17T11:38:58+00:00 1 Answers 0 views 0

Answers ( )

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    2021-07-17T11:40:05+00:00

    Given :- A man took a loan of z1,200 from a co-operative bank on 12th January, 2003. He repaid the loan on 7th June of the same year. Find the interest he had to pay for the loan if the rate of interest is 7/2% p.a.

    Answer :-

    → Time = from 12 jan to 7 june = 19 + 28 + 31 + 30 + 31 + 7 = 146 days .

    so,

    → Simple interest = (P * R * T)/100 = (1200 * 7 * 146)/ (100 * 2 * 365) = (6 * 7 * 2) / 5 = Z16.8 (Ans.)

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