Question

£20 is given as a loan and charged at 7% interest per year.
How much interest is paid after one year?

Answer 1

Answer:

Step-by-step explanation:

Interest =(/100 P ×R×T)

Here ,P = £20, R =7%, T = 1 year

Hence Internest = 20 × 7 ×1/100

=140/100

=£1.4