Question

A woman borrowed N16000 for 1 year and paid back N18000.Calculate the amount of interest paid by the woman
Express the percentage paid as a percentage of the principal

Answer 1

Answer:

12.5%

Step-by-step explanation:

S=p(1+in)

18000=16000(1+i*1)

18000/16000=1+I

1.125-1=I

.125=i