Question
Garry borrows £1250 from a bank at 0.6% per annum and agrees to pay it back in 5 years. Determine the total amount to be paid back by him.
- £1460
- £1287.5
- £37.5
- £145.8
Hint:
Interest = P × R × T/100
The correct answer is: £1287.5
Given, Principal= £1250
Rate = 0.6%= 0.006
Time = 5 years
Interest = P × R × T/100
=1250 × 0.6 × 5/100
=3750/100
=37.5
Simple interest=37.5
total amount=1250+37.5
total amount=£1287.5
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