A borrower pays 18% interest per year on the first Tk. 600 he borrows and 17% per year on the part of the loan in excess of Tk. 6000. How much interests will the borrower pay on a loan of Tk. 6000 for one year?
Created: 6 years ago |
Updated: 2 years ago
best des
Interest, I = P n r
Interest for first 600 TK = 600 x 1 x 18/100 = 108 TK
Money borrowed above 600 TK = 6000 - 600 = 5400 TK
Interest on 5400 TK = 5400 x 1 x 17/100 = 918 TK
Total interest = 108 + 918 = 1026 TK
Md Azizur Rahman
Founder of Satt
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