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At the end of the year, Mrs Sylvia decides to borrow $500,000 to visit her relatives. She borrows the money from Ecobank at 11% for 2 years. Find the internet she will pay on the loan.?
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At the end of the year, Mrs Sylvia decides to borrow $500,000 to visit...
Solution:

Loan Details:
Mrs Sylvia borrowed $500,000 from Ecobank at an interest rate of 11% for 2 years.

Calculating the Interest:
To find the total interest paid on the loan, we use the formula:
Interest = Principal x Rate x Time
Substitute the given values:
Interest = $500,000 x 11% x 2 years
Interest = $500,000 x 0.11 x 2
Interest = $110,000
Mrs Sylvia will pay $110,000 in interest over the 2-year period.
Therefore, the interest she will pay on the loan is $110,000.
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At the end of the year, Mrs Sylvia decides to borrow $500,000 to visit her relatives. She borrows the money from Ecobank at 11% for 2 years. Find the internet she will pay on the loan.?
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At the end of the year, Mrs Sylvia decides to borrow $500,000 to visit her relatives. She borrows the money from Ecobank at 11% for 2 years. Find the internet she will pay on the loan.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about At the end of the year, Mrs Sylvia decides to borrow $500,000 to visit her relatives. She borrows the money from Ecobank at 11% for 2 years. Find the internet she will pay on the loan.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for At the end of the year, Mrs Sylvia decides to borrow $500,000 to visit her relatives. She borrows the money from Ecobank at 11% for 2 years. Find the internet she will pay on the loan.?.
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