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At the end of the year, Miss Sylvia decides to borrow Le 500,000 to visit her relatives. She borrows the money from Ecobank at 11% for 2 years.
1. Find the interest she will pay on the loan.
2.How much will she have to pay Ecobank at the end of the two years?
1. Find the interest she will pay on the loan.
2.How much will she have to pay Ecobank at the end of the two years?
Most Upvoted Answer
At the end of the year, Miss Sylvia decides to borrow Le 500,000 to vi...
Interest Calculation:
To calculate the interest on the loan, we can use the formula:
Interest = Principal x Rate x Time
In this case, the principal amount is Le 500,000, the rate is 11%, and the time is 2 years. Plugging these values into the formula:
Interest = 500,000 x 0.11 x 2
Interest = 110,000
Therefore, Miss Sylvia will pay Le 110,000 in interest over the two-year period.
Total Amount to be Paid:
The total amount Miss Sylvia will have to pay at the end of the two years includes both the principal amount and the interest.
Total Amount = Principal + Interest
Total Amount = 500,000 + 110,000
Total Amount = 610,000
Therefore, Miss Sylvia will have to pay Ecobank Le 610,000 at the end of the two years. This amount includes both the borrowed principal amount of Le 500,000 and the interest of Le 110,000.
To calculate the interest on the loan, we can use the formula:
Interest = Principal x Rate x Time
In this case, the principal amount is Le 500,000, the rate is 11%, and the time is 2 years. Plugging these values into the formula:
Interest = 500,000 x 0.11 x 2
Interest = 110,000
Therefore, Miss Sylvia will pay Le 110,000 in interest over the two-year period.
Total Amount to be Paid:
The total amount Miss Sylvia will have to pay at the end of the two years includes both the principal amount and the interest.
Total Amount = Principal + Interest
Total Amount = 500,000 + 110,000
Total Amount = 610,000
Therefore, Miss Sylvia will have to pay Ecobank Le 610,000 at the end of the two years. This amount includes both the borrowed principal amount of Le 500,000 and the interest of Le 110,000.
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At the end of the year, Miss Sylvia decides to borrow Le 500,000 to visit her relatives. She borrows the money from Ecobank at 11% for 2 years.1. Find the interest she will pay on the loan.2.How much will she have to pay Ecobank at the end of the two years?
Question Description
At the end of the year, Miss Sylvia decides to borrow Le 500,000 to visit her relatives. She borrows the money from Ecobank at 11% for 2 years.1. Find the interest she will pay on the loan.2.How much will she have to pay Ecobank at the end of the two years? 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, Miss Sylvia decides to borrow Le 500,000 to visit her relatives. She borrows the money from Ecobank at 11% for 2 years.1. Find the interest she will pay on the loan.2.How much will she have to pay Ecobank at the end of the two years? 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, Miss Sylvia decides to borrow Le 500,000 to visit her relatives. She borrows the money from Ecobank at 11% for 2 years.1. Find the interest she will pay on the loan.2.How much will she have to pay Ecobank at the end of the two years?.
At the end of the year, Miss Sylvia decides to borrow Le 500,000 to visit her relatives. She borrows the money from Ecobank at 11% for 2 years.1. Find the interest she will pay on the loan.2.How much will she have to pay Ecobank at the end of the two years? 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, Miss Sylvia decides to borrow Le 500,000 to visit her relatives. She borrows the money from Ecobank at 11% for 2 years.1. Find the interest she will pay on the loan.2.How much will she have to pay Ecobank at the end of the two years? 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, Miss Sylvia decides to borrow Le 500,000 to visit her relatives. She borrows the money from Ecobank at 11% for 2 years.1. Find the interest she will pay on the loan.2.How much will she have to pay Ecobank at the end of the two years?.
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