A farmer borrowed $2000 at a simple interest rate of 20% per annum, Calculate the total payable after 2 years
Question
Solution 1
To calculate the total amount payable after 2 years, we first need to calculate the simple interest.
Step 1: Calculate the Simple Interest The formula for simple interest is: I = PRT/100 Where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time (in years) Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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