Question

a bank granted Daniel a loan of $720.00 . if the rate is 24.5% per annum simple interest, calculate the
i) interest at the end of the year
ii) total amount he had to pay at the end of the year
iii) remaining balance after paying $500.00 at the end of the year​

Answer 1

Answer:

1. $176.40
2. $896.40
3. $376.40

Step-by-step explanation:

1. 720 x 24.5% =176.40

the interest at the end of the year is $176.40

2. 720 +720 x 24.5% =896.40

he had to pay $896.40

3. 876.4 - 500 = 376.40

after paying $500.00 at the end of the year​ his remaining balance was $376.40