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09-09-2020
Mathematics

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Find the Simple Interest on a loan of ₦45,000 at the rate of 3½%

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christineangeline christineangeline

09-09-2020

Answer:

simple interest formula-

I = PRT

where,

I = simple interest,

P= principle(basic investment or loan),

R= annual interest

T= relevant time period

I = PRT

I = 45000× 3.5/100× 1

I = 1575

answer = 1575

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