Question

Levy wanted to purchase a motorbike but was short $4350. He approached his friend who agreed to give him the amount as long as he paid back the money in 4 months at an interest rate of 6% p.a. How much interest would levy have to pay his friend at the end of 4 months

Answer 1

therefore he need to pay $5394

Answer 2

Answer:

87/-

Step-by-step explanation:

Took From Frnd= 4350/-

• Yearly Interest = 4350*. 06= 261/-

1. Monthly Interest Is = 261/12= 21.75
2. 4 months Interest is = 21.75*4= 87/-

Total Payment Would Be = 4350+87=4437

/-