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Popular Word Problems >

What is the total amount to be paid on a 7year 1000000 loan at 11% p.a. flat interest?

Solution

Wha t i s t h e t o t a l am o u n t t o b e p ai d o n a 7 ye a r 1000000 l o an a t 11% p . a . f l a t in t eres t ?

Solution

Amount : 1770000

Solution steps

Translate the problem into an equation:

A = 1000000 (1 + 0.11 \cdot 7)

1000000 (1 + 0.11 \cdot 7) = 1770000

Amount : 1770000

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