Question

Jim took a loan of R30000,00 for 18 months at a simple interest rate of 12,5% per year. Dertemine the amount that Jim will pay in 18 months?​

Answer 1

Answer:

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I hope it's helpful...___

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Amount is in the second pic...

Answer 2

Concept introduction:

Simple interest is considered as the additional amount expensed from a particular institution or an individuals as a result of the amount being credited or debited from one person to another for a particular period and rate.

Given:

We have been given the loan amount along with the duration and rate.

To find:

We have to find out the amount that Jim will pay after 18 months

Solution:

As per the question,

P = 3000000

R = 12.5%

T = 18 months or 1.6 years

Therefore, I = PTR/100

Or, I = 3000000*12.5*1.6/100

= 600000

Final answer:

Jim will pay R600000 after 18 months

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