Question 3Ama was granted a loan of ¢800,000.00 by a bank. The rate of interest was 42% per annum.
Ama was granted a loan of ¢800,000.00 by a bank. The rate of interest was 42% per annum.
(a)Calculate
(i)the interest at the end of the year;
(ii)the total amount Ama had to pay at the end of the year.
(b)Ama was able to pay only ¢700,000.00 at the end of the year.
(i)Find how much Ama still owed the bank
(ii)Express the amount Ama owed after paying the ¢700,000.00 to the bank as a percentage of the loan she took from the bank.
Theory