Mrs. Conchita borrowed ₱ 20,000.00 at 3.5 interest for 1 year. What was the total amount he paid at the end of the 1-year term?
Answers
Answer:
The total amount he paid at the end of the year is 8400
Step-by-step explanation:
How to calculate total amount for 1 year?
Interest is the sum of money that must be repaid on a loan or received in exchange for a loan. Principal refers to the borrowed or lent funds. The Amount is the total of the principal plus interest. The term "rate of interest" refers to the rate at which interest is applied to the principal.
Interest is the fee you pay to borrow money or the fee you charge to lend money. The most common way to represent interest is as a yearly percentage of the loan amount. The interest rate on the loan is known as this percentage.
Given,
20000 *3.5/100*12
=8400
Therefore The total amount he paid at the end of the year is 8400
To learn more about interest refer to :
https://brainly.in/question/1317672
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